Vietnam implements new import taxes for oil products

Vietnam has implemented its new crude oil-based import tax structure for oil products imports since February 1, an official with the country’s Ministry of Finance said. The new import tariffs are now at 20% for gasoline, kerosene and jet A-1 and at 15% for gasoil and fuel oil. Previously, kerosene was levied an import tax of 30% while the taxes for gasoline, jet A-1, gasoil and fuel oil were at 20%. Vietnam’s new import tax structure was first unveiled by the ministry on January 19. The ministry said the tax rates will be based on the 30-day average price band of West Texas Intermediate (WTI) crude oil prices published by Platts in Singapore at the Asian close. (February 1, 2010)