Unification of Petroleum Import and Sales Levy Refund Agencies... Processing Period Reduced to 7 Days

[Sejong=Asia Economy Reporter Kwon Haeyoung] The institution responsible for refunding the petroleum import and sales surcharge will be unified under the Korea Petroleum Management Service, and the refund processing period will also be shortened.

According to the Ministry of Trade, Industry and Energy on the 15th, the partial amendment to the "Enforcement Decree of the Petroleum and Petroleum Alternative Fuels Business Act" containing these details was approved at the Cabinet meeting on the same day and will be enforced from the 1st of next month.

The petroleum import and sales surcharge is a tax imposed and collected from petroleum refiners, petroleum importers and exporters, etc. It was introduced to stabilize domestic petroleum supply and petroleum prices after the first and second oil shocks.

Petroleum businesses that have paid the surcharge can receive a certain amount of refund when exporting petroleum products produced from imported crude oil or using them as industrial raw materials. Previously, the institution verifying the refund quantity differed depending on the refund reason, and a separate refund application had to be submitted after quantity verification.

The amendment unifies the verification of refund quantities and payment tasks under the Korea Petroleum Management Service. The processing period has been shortened from 12 working days to 7 working days, and the submitted documents have been simplified.

This content was produced with the assistance of AI translation services.