Hazardous substances to be taxed

The National Assembly passed the Law on Environmental Taxation on November 10, under which nine groups of substances shall be taxable, including gasoline, oil, lubricants, coal, hyrdochlorofluorcarbons, polyvinyl chloride (PVC) bags, and herbicides. These goods will be subject to a one-time tax for environmental protection at the time they are produced or imported. The tax rate on PVC bags will be set at VND30-50,000/kg, while petrol will be subject to a tax of VND400-4,000/litre.

This law will take effect on January 1, 2012, and replaces fees and levies imposed on gasoline and oil under Ordinance on Fees and Levies No 38/2001/PL-UBTVQH10.

Lawyers of Bizconsult Law Firm

vietnamnews

>   Vietnam central bank to focus on low inflation, stability (08/12/2010)

>   Weekly Information on Banking Activities (Nov19 - 26, 2010) (08/12/2010)

>   Local businesses borrow at any costs for booming time at yearend (07/12/2010)

>   Remittances to reach hit $7.3b (07/12/2010)

>   Commercial banks vie for ATM card market (07/12/2010)

>   ACB wins “best domestic bank in Vietnam” award again (07/12/2010)

>   Bank credit rate hits dizzy 20% (06/12/2010)

>   SBV to ease foreign banks’ procedures (06/12/2010)

>   Hackers pose growing threat to internet banking system (04/12/2010)

>   Bank backs financial reforms (04/12/2010)