[앵커]
As oil prices soared to the ceiling, discussions are opening up regarding introducing a so-called ‘windfall tax’ to recover excess profits from the booming oil refineries in Korea.
The oil refining industry is reluctant to say that it is an excessive measure, but if so, what a windfall tax is and whether it can actually reduce the oil price burden?
[기자]
From the 1st of next month, the extent of the fuel tax cut will be expanded to the legal maximum of 37%, but the price of oil remains the same.
In the political circles, voices calling for the oil refining industry to share the pain continued.
[권성동 / 국민의힘 원내대표(지난 23일) : 정유사들도 고유가 상황에서 혼자만 배를 불리려 해선 안 됩니다.]
[박홍근 / 더불어민주당 원내대표(지난 21일) : 역대 최대 실적을 올리고 있는 정유업계에 고통 분담을 요구하겠습니다.]
The plan is to apply a so-called ‘windwind tax’ to recover a certain amount of excess profits from the oil refining industry, which is enjoying a boom due to soaring oil prices.
Was the oil refining industry actually a ‘windfall’?
The operating profit of the four domestic refiners in the first quarter of this year was 4.7 trillion won, doubling from the same period last year.
The boom is true, but the oil refining industry has a slightly different perspective.
[조상범 / 대한석유협회 대외협력실장 : 재작년 적자 규모가 정유 부문에서만 5조5천억 원을 기록했던 점에 비춰본다면 아직 완연하게 회복하고 있다고 보긴 어려운 상황입니다.]
Some countries already impose windfall taxes.
The UK imposes a 25% surplus profit tax on oil and gas companies, and Republicans in the US are pushing for a bill that would impose a federal tax of 21% on oil companies with more than 10% surplus profit.
It remains to be seen whether the windfall tax will be effective in lowering oil prices.
Although specific details have not been released yet, plans to recover excess profits or collect donation funds and use them as resources to share pain are discussed.
In response, the oil refining industry explains that it is difficult to calculate the excess profit standard, and it is difficult to apply the same standard because the major overseas oil refineries that directly produce crude oil have different profit structures.
Rather, there are voices concerned regarding the adverse effect.
[성태윤 / 연세대 경제학과 교수 : 이윤을 달성하면 세금을 물리는 형태이기 때문에, (기업들이 정유) 공급을 감소시켜서 오히려 가격이 상승하는 문제가 발생할 수도 있다고 생각됩니다.]
Some argue that the priority is to strengthen market surveillance so that the fuel tax cut policy can be properly felt in the field.
[이서혜 / 에너지 석유시장 감시단 연구실장 : (일부 정유업계가) 과도한 이익을 챙긴 부분에 대해서 실제 세금 인하가 그 주유소에서 정확하게 이뤄졌는지, 정유사 단계에서 잘 이뤄졌는지 볼 필요가 있다고 생각합니다.]
With high oil prices likely to continue for some time, interest is growing whether the government will be able to induce the oil refining industry to share the pain in order to reduce the burden of oil prices on the common people.
This is YTN Haeri Yoon.
YTN Haeri Yoon (yunhr0925@ytn.co.kr)
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