MoF raises oil import tax as prices tumble

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The Ministry of Finance (MoF) increased the import duty on oil and petrol yesterday by 7 to 11 per cent to touch 35 per cent.

The Ministry of Finance (MoF) increased the import duty on oil and petrol yesterday by 7 to 11 per cent to touch 35 per cent. — Photo BizLIVE

HA NOI (Biz Hub) — The Ministry of Finance (MoF) increased the import duty on oil and petrol yesterday by 7 to 11 per cent to touch 35 per cent.

The move was made in view of slumping oil prices in the global market since late last year.

Under Circular 03/2015/TT-BTC, the import duty on petrol will be raised by 7 per cent to 35 per cent, while taxes on kerosene and mazut will be bumped up 9 per cent and 11 per cent, respectively, to 35 per cent.

Meanwhile, the import duty on diesel has been raised to 30 per cent from the current 23 per cent. — VNS

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