Accordingly, the N.A. Standing Committee adjusted the environmental protection tax rate from 2,000 VND (0.086 USD) to 1,000 VND per liter for petrol (except ethanol), from 1,000 VND to 500 VND per liter for diesel, from 1,000 VND to 300 VND per liter for mazut and lubricant and 300 VND per kg for grease. That for kerosene remains unchanged at 300 VND per liter. The reduction will be applied from July 11 until the end of this year. Speaking at the Standing Committee’s session, N.A. Chairman Vuong Dinh Hue said that as petrol prices have a strong impact on economic growth and macroeconomic stability, price stabilization is very important in the context of the current high oil prices. Therefore, this session was organized to adopt a practical and timely measure to stabilize the prices of petrol, diesel and grease, thus contributing to the implementation of the strategy for socio-economic recovery and development, curb inflation, macro-economic stability, and to reducing costs for … [Read more...] about N.A. Standing Committee agrees to reduce environmental protection tax for fuel
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Overview of the NA Standing Committee's session (Photo: VNA) Hanoi (VNA) – The National Assembly (NA) Standing Committee on July 6 adopted a resolution on environmental protection tax for petrol, diesel and grease, with 100% of ‘yes’ votes. Accordingly, the NA Standing Committee adjusted the environmental protection tax rate from 2,000 VND (0.086 USD) to 1,000 VND per litre for petrol (except ethanol), from 1,000 VND to 500 VND per litre for diesel, from 1,000 VND to 300 VND per litre for mazut and lubricant and 300 VND per kg for grease. That for kerosene remains unchanged at 300 VND per litre. The reduction will be applied from July 11 until the end of this year. Speaking at the Standing Committee’s session, NA Chairman Vuong Dinh Hue said that as petrol prices have a strong impact on economic growth and macroeconomic stability, price stabilisation is very important in the context of the current high oil prices. Therefore, this session was organised to adopt a … [Read more...] about NA Standing Committee agrees to reduce environmental protection tax for fuel
A driver in Ha Noi fills up a motorbike at a gas station. — VNA/VNS Photo Measures taken to bring down petrol prices could reduce State budget collection by VND32.5 trillion (US$1.4 billion) this year, according to deputy minister of finance Nguyen Duc Chi. Speaking to reporters at the ministry's monthly meeting, Chi said the Ministry of Finance has put forward a proposal to cut or remove a number of fees and taxes on fuel imports in an attempt to rein in rising petrol prices, which has been hurting economic recovery and businesses. The proposal, which has been approved by the National Assembly's Standing Committee, brought import tax on gasoline from VND2,000 to VND1,000, jet fuel from VND1,500 to VND1,000, diesel from VND1,000 to VND500 and lubricant from VND,000 to VND300. Chairman of the NA Vuong Dinh Hue said as fuel was considered among the country's strategic commodities the government was to utilise all measures and policies at its disposal to regulate prices for the … [Read more...] about State budget faces $1.4 billion drop from fuel tax cuts
He made the suggestion at a meeting with the association’s representatives on July 5 on the occasion of its 40th founding anniversary. Highlighting the importance of the construction sector to the national economy, the President required the VFCEA to advise the Party and the State on issues relating to development strategies such as housing, urban areas, industrial parks, socio-economic infrastructure, architectural planning, including related institutions and legal documents. He also asked the association to involve in fighting corruption and wastefulness in construction. The President proposed that the Government create favorable conditions for the VFCEA’s operation, and the Ministry of Construction facilitate the association's participation in research and discussions related to the management of planning, construction and infrastructure development of industrial parks, urban areas, workers' housing and new rural areas as well as perfecting legal institutions related to the … [Read more...] about Construction sector should enhance consulting quality: President
Viet, who led the Vietnamese delegation to the event, told the Vietnam News Agency (VNA)'s resident correspondent in Geneva, Switzerland, that the country has engaged in specific initiatives, especially those on climate change and the right to food, and issues regarding gender equality. Vietnam’s advocacy to dialogue and cooperation has drawn the attention of other countries, he said, adding that Vietnam shared its experience in climate change response, COVID-19 combat and post-pandemic recovery to ensure social welfare and rights of its citizens in health care, economy, social affairs and education. The country promotes women’s role in families, will continue to prioritize commitments to gender equality and women’s empowerment, and stands ready to cooperate with countries in this regard, he affirmed. Mentioning a photo exhibition on ethnic groups and religions in Vietnam on the sidelines of the session, Viet stressed that the photos capture the harmonious life of 54 Vietnamese … [Read more...] about Vietnam contributes to U.N. Human Rights Council with meaningful messages: official
Patrick Lenain - Former assistant director Organisation for Economic Co-operation and Development Schools and universities will need to adopt new technologies. Public transportation networks will need to be upgraded. Large-scale logistical hubs will be required to remain integrated in global supply chains. Old-age citizens will need welfare support. Electricity generation will need to decarbonise. Coastal cities will need to adapt to rising sea levels. Military spending will need to protect the country. And it is obvious that health spending remains a priority. Unfortunately, tax revenue is at present too limited to finance these large investments. Vietnam’s government collected tax revenue equivalent to 16 per cent of GDP last year, according to the International Monetary Fund. This is less than Malaysia (18.3 per cent), Singapore (18.5 per cent), India (19.7 per cent), Thailand (20.3 per cent), and China (27 per cent). This is also less than before the pandemic, reflecting … [Read more...] about Tax for development: Does Vietnam need tax reform?