MFN tariffs on gasoline products lowered by 10 percent

SGGP
The Government has recently issued Decree No.51/2022/ND-CP amending the most-favored-nation (MFN) tariffs for gasoline products in group 27.10 in the MFN tariff according to the list of taxable products.
Accordingly, the import tax rate for unleaded motor gasoline products under the HS code from 2710.12.21 to 2710.12.29 is reduced from 20 percent to 10 percent.

According to the Ministry of Finance, compared with many countries, the proportion of taxes in the base price of petroleum products in Vietnam is still lower than the average. The percentage of taxes in the base price of petroleum products in many countries is about 40-55 percent for gasoline and 35-50 percent for oil, except for some countries with large oil reserves, the proportion is lower.

Meanwhile, in Vietnam, with the environmental protection tax rate being cut to the floor level following the resolution approved by the Standing Committee of the National Assembly, the tax proportion in the base price of petrol products is about 19.39 percent for gasoline E5 RON92, 21.95 percent for RON95 gasoline, and about 11.05 percent for diesel.

By Lam Nguyen – Translated by Bao Nghi

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