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Finance Ministry makes public petrol tax calculation method
The Finance Ministry has announced the way it calculates petrol import taxes in various periods and when the domestic and international petrol markets suddenly change.
Accordingly, the spot delivery price used as the foundation to define the preferential import tax rate is the average price on the Singaporean market 30 days prior to the day the tax rates of Ron 92 petrol, diesel 0.05%, kerosene, and fuel oil 180 are adjusted.
There are eight kinds of tax rates for petrol, ranging from 5% to 40%. The highest rate, 40%, is applied in the event the world crude oil price falls to less than US$53 per barrel. The lowest level is applied when the international crude oil price is $118 per barrel and up.
For diesel, there are seven levels of tax rates. The highest level, 40%, is imposed when the world crude oil price is less than $48 per barrel. The lowest level, 5%, is used when the crude oil price in the international market stands at $109 per barrel and higher.
The import tax rates on kerosene, aircraft fuel and fuel oil are divided into eight levels. The 40% level is applied when the spot delivery price of oil is less than $60 per barrel, 35% when the price is from $60 to less than $73/barrel. For aircraft fuel, the highest rate of 40% is imposed when the spot delivery price of oil is less than $62/barrel, 35% for $85 to less than $87/barrel, and 5% for $187/barrel upwards.
If fuel oil is priced $254/tonne in the world market, the highest tax rate will be applied and the lowest level of 5% will be imposed if the price is $559/tonne upwards.
vietnamnet
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