Vietnam Raises Taxes on Mining and Crude Oil

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Jan. 22 – Vietnam has increased the tax on mineral and crude oil production and doubled the tariff on coal beginning January 19.

The new tax rates will be based on the value of output calculated at commercial prices. Anthracite coal tax from underground mines increased by 4 percent while opencast coal were raised from 3 to 6 percent.

Crude oil production of up to 20,000 barrels daily willl be meted a tax of between 6 percent and 8 percent.

Crude production that reaches 20,000-50,000 bpd will be taxed higher at 8 to 10 percent.