HANOI: Vietnam has decided to extend the suspension of taxes on fuels until the end of June from April 15 to stabilise the domestic market, the country’s parliamentary office said on Sunday, as the Iran war continues to disrupt supplies.
The National Assembly, the country’s lawmaking body, has passed a resolution on the suspension of environmental protection and special consumption taxes on fuels, the parliament office said in a statement.
The tax suspension has been in place since late March.
The finance ministry last month said the suspensionof the taxes would reduce revenue going into state coffers by 7.2 trillion dong ($273.40 million) a month.
Vietnam raises $42.5mn in govt bond auction, lowest since March 26
Fuel prices in Vietnam have surged since the US-Israeli war on Iran began at the end of February, with gasoline prices up 17% and diesel prices rising 70%, according to data from fuel trader Petrolimex.
Vietnam’s consumer prices in March rose 4.65% from a year earlier, driven by a surge in transport costs, putting pressure on the country’s goal to keep inflation at 4.5% for this year.
American Dollar Exchange Rate