The Ministry of Finance has promulgated a circular instructing the implementation of preferential import tax on some commodities under the group of 2710. Accordingly, import tax on petrol products was lowered from 6% to 0% as from January 14.

Together with petrol products, import tax on oil products was also reduced. Specifically, kerosene will have tax cut from 6% to 2%, diesel from 2% to 0% and mazut from 5% to 2%.

The Ministry of Finance’s action is considered as an effort to stabilize prices of petrol and oil products, ensuring benefits for both people and state-owned businesses.

Previously, the ministry cut import tax on petrol products from 17% to 12% in November 2010 and from 12% to 6% on December 22, 2010.

(CPV)