Environmental protection tax on gasoline next year is 2,000 VND

From January 1, 2024, environmental protection tax on gasoline (except ethanol) will remain at VND2,000, oil and grease at VND1,000 per liter, according to the Resolution of the National Assembly Standing Committee.

Resolution 42 of the National Assembly Standing Committee continues to apply the environmental protection tax on gasoline and oil at a rate half of the tax bracket. This rate has been applied by the authorities since April 2022.

Accordingly, in 2024, the environmental protection tax on gasoline (except ethanol) will be 2,000 VND per liter. Jet fuel, diesel, fuel oil, and lubricants will be 1,000 VND per liter. The tax on kerosene will be 600 VND per liter.

When environmental tax is reduced, the price of gasoline and oil to consumers will decrease by 1,100-2,200 VND per liter (including VAT), and kerosene alone will decrease by 660 VND per liter.

According to the Government 's calculations, the state budget will reduce its average monthly revenue (including VAT) by about VND 38,924 billion. However, extending the reduction of environmental protection tax on gasoline and oil until the end of 2024 will help reduce domestic retail prices. This contributes to directly reducing people's costs, production costs, and product prices.

The above tax reduction also helps businesses increase their resilience, especially businesses that benefit from tax reduction on gasoline and oil such as transportation, gas services, and fishing.

From January 1, 2025, the environmental protection tax on gasoline, oil, and grease will return to the ceiling level in the tax bracket, which is 4,000 VND per liter for gasoline (except ethanol); 2,000 VND for oil and grease (600 VND for kerosene) and 3,000 VND per liter for jet fuel.

Mr. Minh

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