Continuing to review to adjust excise tax and VAT on gasoline

VCN - The Ministry of Finance will continue reviewing adjustments to the excise tax and value added tax (VAT) on gasoline, and carefully its assess the impact on the state budget.
More solutions needed to support enterprises when costs are high More solutions needed to support enterprises when costs are high
Why did excise tax on petroleum not adjust? Why did excise tax on petroleum not adjust?
Over 1,000 customs offences handled in May Over 1,000 customs offences handled in May
Photo: Nguyen Thanh
Photo: Nguyen Thanh

The Government Office issued Notice 209 on the conclusions of Deputy Prime Minister Le Minh Khai, Head of the Steering Committee for Price Management, at the meeting on price management in the first month of 2022 and the orientation of price management in the last six months of 2022.

Develop appropriate and flexible policies and plans

Price management in the first half of the year is under a lot of pressure in inflation control, but motivated by the drastic direction of the Government, the Prime Minister, the Head of the Steering Committee for Price Management and the active implementation of ministries, central and local agencies, and appropriate solutions were developed and inflation was under the control according to the set target.

However, in the last six months of 2022, the world has continued to face complicated and unpredictable economic and geo-political situation, including the impact of adjustments to monetary policies from loosening to tightening of many countries, which will affect the domestic exchange rate and potential risks from the pandemic, natural disasters, storms and floods, etc. This may cause difficulties for production and business activities and the supply chain of goods and services, putting great pressure on the price level.

Therefore, the price management from now to the end of the year must be strengthened. Ministries, central and local agencies must focus on controlling the situation, studying, evaluating, and offering suitable solutions in accordance with the conditions and allowable rooms

Following the guiding documents from the beginning of the year on price management in 2022, the Steering Committee for Price Management, ministries, central and local agencies should actively update the situation and implement solutions offered by the Government, the Prime Minister, the Steering Committee flexibly, quickly and effectively, contributing to keeping the average CPI within the target set by the National Assembly.

Ministries and agencies in charge of essential goods and services must regularly monitor and promptly take solutions to ensure the balance of domestic supply and demand, avoid shortages or hoarding of goods and services, speculation and unreasonable price increase and encourage local consumption of some items to reduce transportation costs.

The State Bank of Vietnam should proactively provide flexible monetary policies in coordination with fiscal policies, and other macroeconomic policies, to control inflation and develop an appropriate policy for foreign exchange market management to stabilize the currency value, ensure the domestic legal foreign currency demand; offer reasonable policies on interest rate and credit management; and inspect and strictly handle acts of hoarding and manipulating the foreign currency market.

The Ministry of Finance, as the standing body of the Steering Committee for Price Management, closely monitors the general situation and propose appropriate, flexible and timely policies and plans, especially for goods and services which have a great impact on the price level and continues to review adjustments to the excise tax and VAT on gasoline, carefully evaluating the impact on the state budget to prepare responding plans.

The People's Committees of the provinces and centrally-run cities shall, according to their local state management functions, develop solutions to manage and stabilize the market, and examine the price-forming factors when there are unusual fluctuations. They shall also closely monitor the price movement of construction materials for timely notification; strengthen the inspection against cross-border petrol and oil smuggling when the domestic petrol price is lower than that of other countries in the region; and strictly handle violations of the law in order to stabilize prices, and the market’s supply and demand.

The Ministry of Information and Communications will work with ministries, central and local agencies to continue focusing on information, communication, transparency of price information to control expected inflation; and prevent false information causing confusion to consumers and market instability.

Electricity price should not be increased

For specific goods, ministries shall coordinate with the People's Committees of provinces and centrally run cities according to their competence, implement price stabilization measures as prescribed; focus on removing difficulties for production and business in order to fully prepare the supply of goods and services to meet consumer demand, and facilitate the circulation and distribution of goods and services. In case of large fluctuations, the ministries, based on the provisions of the Law on Prices, shall propose appropriate price stabilization measures.

For goods and services priced by the State, ministries shall continue the approved plan, for goods and services of which prices are expected to be adjusted in the near future, it is necessary to carefully consider plans and assess the impact on the price level and inflation control target to have a specific management plan and submit it to the competent authorities.

For electricity products, in the immediate future, it should not increase the electricity price, but under the pressure of increasing prices of input materials, it is necessary to save costs and solve problems related to the cost of keeping electricity prices stable.

The ministries should; continue to monitor the situation; take the initiative in the management to ensure that the domestic petroleum supply on the basis of assessing the ability of domestic supply and imported source; closely monitor world price movements, in order to have an appropriate plan for managing domestic gasoline prices; and research to build a policy to support fishermen affected by gasoline prices.

Regarding transportation charges and construction materials, the Ministry of Transport shall continue to monitor and understand the situation, strengthen inspection and supervision on the declaration and listing of prices and the selling of tickets at the listed price for transport operators; review price increase that must be consistent with the movement and structure of petrol and oil costs in transportation costs.

The Ministry of Construction will coordinate with ministries, sectors and localities to strengthen inspection of mines of construction land, stone and sand to strictly handle acts of profiteering, speculation, hoarding, and unreasonable price increases to ensure the construction progress of national key projects.

Extending deadline for VAT payment, corporate income tax and personal income tax 2022 Extending deadline for VAT payment, corporate income tax and personal income tax 2022

VCN - Deputy Prime Minister Le Minh Khai signed Decree No. 34/2022/ND-CP dated May 28, 2022 on ...

For other goods and services, it is necessary to continue to closely monitor the market price situation, implement specific solutions stated in the notices, promptly report on unexpected developments to competent authorities.
By Huong Diu/ Huyen Trang

Related News

3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

VCN - Recommendations of seafood enterprises on declaring, calculating and paying Value Added Tax (VAT) at the commercial business stage for scrap and discarded products; Invoicing for returned goods; VAT refund, has been specifically answered by the Ministry of Finance.
Customs always accompanies Korean businesses

Customs always accompanies Korean businesses

VCN - Before the dialogue conference between the Ministry of Finance and Korean businesses on tax and customs policies and administrative procedures in 2023-2024 taking place on February 29 in Hanoi, Customs Magazine had an interview with Ms. Tran Thi Thuy Hoa (photo), Deputy Director of the Legal Department, General Department of Customs, on the coordination and exchange of information on legal policies and support of the Customs agency with the Korean businesses that have been investing and will invest in Vietnam.
Ho Chi Minh City Customs refunds nearly VND100 billion of VAT for foreigners

Ho Chi Minh City Customs refunds nearly VND100 billion of VAT for foreigners

VCN - In 2023, Ho Chi Minh City Customs Department refunded nearly VND 100 billion of value-added tax (VAT) on goods worth more than VND 1,268 billion for exit passengers.
Listen to entrepreneurs tell stories about overcoming difficulties in 2023

Listen to entrepreneurs tell stories about overcoming difficulties in 2023

VCN - Listen to real stories from Vietnamese businesses in many different industries to see the creativity and bravery of entrepreneurs in facing difficulties in steering the business ship overcomes the storms of 2023.

Latest News

Tax sector implements solutions on revenue management to achieve “dual goals”

Tax sector implements solutions on revenue management to achieve “dual goals”

VCN – Sharing direction of ta management in 2024, Mr. Mai Son, Deputy Director General of Taxation said that the Tax sector has implemented solutions to achieve “dual goals” of completing the revenue target while supporting enterprises in operation and economic growth.
Securities attractive investment channel

Securities attractive investment channel

VCN - According to experts, with recent developments in the stock market, it can be seen that securities are currently an attractive investment channel.
Public investment - Expectations from key transportation projects

Public investment - Expectations from key transportation projects

VCN - As one of the three main growth engines of the economy, in recent times, public investment has played an important role, leading and activating all social resources for development investment. This important driving force continues to have very positive signals with disbursement results reaching 2.58%, higher than the same period. 2024 strives to achieve a disbursement rate of at least 95%.
More policy rate cuts forecast in 2024 to support economic growth

More policy rate cuts forecast in 2024 to support economic growth

There is still room for the State Bank of Vietnam (SBV) to make another policy interest rate cut in 2024 to boost economic growth, analysts believed.

More News

Urgently complete Decree on application of Global Minimum Tax inline with roadmap

Urgently complete Decree on application of Global Minimum Tax inline with roadmap

VCN – Regarding the development of Decree on the application of Additional corporate income tax (Global Minimum Tax), Deputy Director General of the General Department of Taxation Dang Ngoc Minh has requested units developing the Decree to closely cooperate and give opinion in line with actual operations of corporations that are affected by Resolution 107/2023/QH15 to effectively facilitate taxpayers during the implementation of the Decree.
Strengthen the applications of coercive measures to collect tax debt

Strengthen the applications of coercive measures to collect tax debt

VCN - The General Department of Taxation requests tax departments to fully implement measures to urge, enforce and disclose information under the provisions of the Law on Tax Administration to recover tax debt.
PM orders SOEs to improve production, business efficiency

PM orders SOEs to improve production, business efficiency

Prime Minister Phạm Minh Chính has requested State-owned enterprises (SOEs) to reform governance, improve production and business efficiency, and strongly promote development investment.
Vietnam acts to combat money laundering, terrorist financing

Vietnam acts to combat money laundering, terrorist financing

Deputy Prime Minister Le Minh Khai on February 23 signed a decision promulgating the national action plan to implement the Government's commitment to prevent and combat money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction.
Banks ask central bank to extend June 30 payment deadline

Banks ask central bank to extend June 30 payment deadline

Industry experts said the current challenging economic situation and difficulties faced by businesses severely affect their ability to meet debt obligations. As there are no shortcuts to resolving old bad debts, a significant number of newly classified bad debts, which should be expected on June 30 this year, will put tremendous pressure on the country’s financial sector, as well as businesses.
Efforts to remove obstacles to upgrade the stock market

Efforts to remove obstacles to upgrade the stock market

VCN - According to the sharing of Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), in addition to completing the main criteria of international rating organizations in upgrading the stock market (TTCK), the State Securities Commission (SSC) continues to improve domestic regulations on the basis of researching international regulations and practices to promote Vietnam's stock market to develop in a sustainable direction, creating a favorable environment to attract international investors and foreign indirect investment capital flows.
The State Treasury implements nine key tasks in 2024

The State Treasury implements nine key tasks in 2024

VCN - The deployment of key tasks plan in 2024 (refer to the Plan) of State Treasury was issued to focus resources on completing tasks during the year and following the proposed strategies.
SBV injects large amount of money to support capital for banks

SBV injects large amount of money to support capital for banks

The State Bank of Vietnam (SBV) on February 20 net injected more than 5 trillion VND (nearly 204 million USD) into the banking system through the open market operation (OMO) channel to support capital for commercial banks.
Vietnam Stock Exchange’s revenue down nearly 44% in 2023

Vietnam Stock Exchange’s revenue down nearly 44% in 2023

The Vietnam Stock Exchange (VNX) reported revenue of over 1.92 trillion VND (78.26 million USD) in 2023, down nearly 44% compared to the previous year.
Read More

Your care

Latest Most read
Tax sector implements solutions on revenue management to achieve “dual goals”

Tax sector implements solutions on revenue management to achieve “dual goals”

VCN - 2023 is the year that the domestic economy faces many difficulties and challenges and is negatively impacted by the world economy, causing great pressure in the revenue collection of the Tax sector.
Securities attractive investment channel

Securities attractive investment channel

VCN - According to experts, with recent developments in the stock market, it can be seen that securities are currently an attractive investment channel.
Public investment - Expectations from key transportation projects

Public investment - Expectations from key transportation projects

VCN - For 12 component projects in the 2021-2025 period, although the first implementation years still had many problems for land and construction materials, investors and contractors had made efforts to organize construction and closely follow progress p
More policy rate cuts forecast in 2024 to support economic growth

More policy rate cuts forecast in 2024 to support economic growth

There is still room for the State Bank of Vietnam (SBV) to make another policy interest rate cut in 2024 to boost economic growth, analysts believed.
Urgently complete Decree on application of Global Minimum Tax inline with roadmap

Urgently complete Decree on application of Global Minimum Tax inline with roadmap

VCN - On November 29, 2023, the National Assembly approved Resolution No. 107/2023/QH15 on the application of additional corporate income tax under Global Anti-Base Erosion Rules. The Resolution takes effect from January 1, 2024, and is applied from fisca
Mobile Version