According to the General Department of Taxation (Ministry of Finance), the policy of reducing the environmental protection tax on gasoline (except for ethanol), diesel oil, mazut, lubricating oil, grease, kerosene, and aviation fuel took effect on January 1, 2024, per Resolution No. 42 dated December 18, 2023, of the National Assembly Standing Committee.
As of July 22, the implementation of the above-mentioned reduction in environmental protection tax is estimated to have resulted in a decrease in state budget revenue of approximately VND 19,792 billion for the first seven months of 2024.
 Reduction in taxes on gasoline and oil results in a VND 19,700 billion shortfall in the state budget for the first seven months of 2024 |
Specifically, the reduction in environmental protection tax on aviation fuel is estimated to have decreased state budget revenue by VND 1,151 billion, while the reduction in environmental protection tax on gasoline, oil, and grease products is estimated to have decreased state budget revenue by VND 18,641 billion.
According to the tax authority, the reduction in land rent is estimated to have decreased state budget revenue by VND 2,372 billion for the first seven months of 2024.
The reduction in value-added tax in accordance with Resolution No. 110 dated November 29, 2023, of the National Assembly, based on the database of taxpayers declaring output value-added tax with a tax period up to June 21, 2024, amounted to VND 87,109 billion.
The General Department of Taxation also stated that, as of the end of July, the implementation of Decree No. 64/2024/ND-CP on the extension of the deadline for payment of value-added tax, corporate income tax, personal income tax, and land rent in 2024, and Decree No. 65/2024/ND-CP on the extension of the deadline for payment of special consumption tax on domestically produced or assembled automobiles, resulted in a total amount of taxes and land rent eligible for extension of approximately VND 32,100 billion.
Minh Chien
