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The amount of proposed tax cut has not been revealed but it will certainly help ease financial burden on people and businesses.

The Government will consider the proposal before submitting to the National Assembly Standing Committee for decision.

At present, environmental duty on gasoline and diesel is VND2,000 per liter and VND1,000 per liter compared to VND4,000 and VND2,200 last March, respectively.

Gasoline and diesel are now subject to four types of tax, namely environmental tax, import tax (10 percent), excise tax (10%), and value-added tax (10%), accounting for around 55-60 percent of the price of gasoline and 35-40 percent of the price of diesel.

Prices of popular gasoline RON95-V and diesel reached new peaks of VND33,620 per liter and VND30,410 per liter, respectively, from June 13./.