Fuel costs usa

Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income

A consumer shops around at a supermarket. Experts said middlemen's high-profit margins are the key behind mounting overall prices. — Photo vneconomy.vn Fuel is the driving force behind mounting overall prices in many countries, but experts believe middlemen are more to blame in Viet Nam. Economic expert Vu Vinh Phu took the sugar industry as an example. He said 70 per cent of Thailand's industry profits are distributed to farmers, whereas 30 per cent go to middlemen. Meanwhile, the reverse is true in Viet Nam, with middlemen taking the lion's share of the pie. Their high-profit margins push up prices, outpacing the impact of fuel. "Normally, products in supermarkets are sold at lower prices than those in marketplaces. Unfortunately, it is not the case in Viet Nam where the former is about 30 per cent more expensive than the latter," he said. The expert attributed middlemen's high-profit margins to the absence of an official goods exchange. Without such an exchange, … [Read more...] about Middlemen to blame for mounting prices

The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8). — Photo ndh.vn The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8) to achieve the goal of net zero emissions by 2050. Local media consider such a change a “revolution” in the electricity and environment of the country. The MoIT said in a written report to the Government Standing Committee that of 14,120 MW of coal-fired thermal power, State corporations had invested in 8,420 MW. Specifically, Electricity of Vietnam was assigned 3,600 MW, including Quang Trach II, Tan Phuoc I and II projects. The Vietnam Oil and Gas Group has been given 1,980 MW for the Long Phu III project. Vietnam Coal and Mineral Industries Group has been assigned 2,840 MW, including Cam Pha III, Hai Phong III and Quynh Lap I assignments. In … [Read more...] about Power Plan VIII to remove more than 14 GW of coal-fired power

Domestic gasoline prices declined for the fourth consecutive session. They are expected to drop further. — Photo kinhtedothi The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline. Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent. According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental … [Read more...] about Gasoline products entitled to 10 per cent discount on preferential import tax