Was it preserved a deficit for the decline in oil prices to introduce the refiners'cending tax?

While domestic refiners are holding their benefits due to high oil prices, there is a move to recover the excess profits based on high oil prices, especially in politics.

The oil refining industry says, Only two years ago, there was a deficit of 5 trillion won due to a drop in oil prices, and did the government assisted it?

According to the related industry on the 4th, refiners are booming, not due to ultra-high oil. As international oil prices soared due to Russia's invasion of Ukraine, which was triggered earlier this year, refiners' profit and losses and refining margins were also set. Normally, oil refiners will see high profits when inventory gains and losses and refining margins rise.

In fact, SK Innovation recorded sales of 19.95 trillion won and operating profit of 2.23 trillion won in the second quarter of this year. Operating profit increased 318% YoY to record the highest performance ever. S-OIL also recorded sales of 11.44 trillion won in 2Q and W1.72 trillion in operating profit. In particular, there are also observations that the total operating profit of the four domestic refinery will exceed 10 trillion won.

As the oil refinery has a high profit due to the situation, the movement to introduce the so-called 'windfall tax' is spreading in the politics. 'Bindice' is similar to excess profit recovery. If a company earns high profits due to abnormal market factors, the concept is to impose a corresponding tax.

On the 23rd of last month, Kwon Sung-dong, the representative of the people of Kwon Sung-dong, said, The government has increased the rate of oil tax reduction as much as possible, even though it is concerned about the lack of tax revenue. On the 2nd, Yong Hye-in, a member of the basic income, also announced that it would revise the corporate tax law and promote the Backwear Tax Law, which will pay taxes on the excess profit of oil refiners and banks. The main goal is to tax 50%of the corporate tax on the 'excess gain' they reap to oil refiners and commercial banks.

The oil refining industry is struggling to introduce 'windfall tax'. An official in the oil refining industry said, The imposition of windfall tax has introduced the concept in the UK, but overseas companies and domestic companies are different in the concept. While domestic companies, domestic companies are refiners who sell crude oil and sell through refining processes. It is difficult to compare uniformly.

The official said, In the last 2020, the refining margin and oil prices have fallen, and the oil industry has been reduced by 5 trillion won.

It was pointed out that the public opinion of the 'windfall tax' began around the ruling party, but it was pointed out that it was to fill the tax shortage due to the expansion of the oil tax reduction.

On the 26th of last month, Chu Kyung-ho, Deputy Prime Minister and Minister of Strategy and Finance, attended the National Assembly's questions and dismissed it as I think they should pay the corporate tax properly, and I do not agree with this approach.