Circular No. 103/2012/TT-BTC dated June 22, 2012 of the Ministry of Finance guiding the implementation of preferential import tax rates for a number of commodities under heading 2710 in the preferential import tariff

INCREASING THE IMPORT TARIFF FOR PETROL TO 10%

On June 22, 2012, the Ministry of Finance issued the Circular No. 103/2012/TT-BTC guiding the implementation of rates of referential import tariff for a number of commodities under the group 2710 in the preferential import tariff.

Under this Circular, the import tariff for motor spirit increases by 2 – 3 %. Specifically, the import tariff for motor spirit and aviation gasoline is 10% (instead of 7% as the previous regulation); 8% for diesel fuel which increases by 2% compared with previously. The import tariff for raw materials for black coal production, oils and greases, oil for transformer or circuit breakers, Petroleum oils and other preparations is still at 5%.

This is the fourth time the Ministry of Finance has revised petrol import taxes. After adjusting the rate at 0% at the beginning of the year, the Ministry of Finance has increased the import tax twice (not including this time), recently on June 08, 2012 with the increase of 3% for petrol and oil imports.

The Ministry requests both to revise the retail price and recover the import tax for petrol and oil. Therefore, together with the increase of tax, on June 21, 2012, the retail price of petrol and oil has reduced from 300 – 700 dong.