50% reduction in environmental protection tax on gasoline, oil, and grease for the entire year of 2024

The Provincial Tax Department said that, implementing Resolution No. 42/2023/UBTVQH15 recently issued on environmental protection tax rates for gasoline, oil, and grease, starting from January 1, 2024, the environmental protection tax (EPT) on gasoline, oil, and grease will be officially reduced by 50% until December 31, 2024.

The year 2023 has ended, the year 2024 has begun and as predicted, the country's economy still faces countless difficulties and challenges. Therefore, from the beginning of the year, the National Assembly and the Government have had tax reduction policies to remove difficulties, support production and business, and create momentum for the country's economic development. Among them, there is a policy to reduce environmental protection tax applied from the beginning of 2024.

Reducing environmental protection tax on gasoline, oil, and grease helps reduce costs for people.

Accordingly, the environmental protection tax on gasoline, oil, and grease will continue to decrease by 50% from January 1, 2024 to December 31, 2024. Specifically, gasoline, except ethanol, will have a tax rate of VND2,000/liter. Jet fuel, diesel, lubricants, and grease will all have a tax rate of VND1,000/liter, while kerosene will have a tax rate of VND600/liter.

Extending the reduction of environmental protection tax on gasoline, oil, and grease until the end of 2024 will help reduce domestic retail prices, thereby directly contributing to reducing people's costs, production costs, and product prices.

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