Including naphtha and crude oil for LPG manufacturing, LNG is limited to winter season
Import LPG, subject to 3% basic tariff, applies 2% throughout the year
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[지앤이타임즈]The Ministry of Trade, Industry and Energy announced that it will expand quota items applied to key materials in the field of hydrogen vehicles and secondary batteries.
LNG is applied only in winter.
The quota tariff is a system that applies a lower tax rate than the basic tax rate stipulated by law for industrial raw and subsidiary materials that need to strengthen industrial competitiveness and stabilize prices due to a surge in import prices.
Target items are selected and applied on an annual basis, but the Ministry of Industry announced that it will expand from 49 items last year to 60 this year.
In particular, as a large number of items related to fostering new industries such as hydrogen cars, secondary batteries and new and renewable energy are included, 31 items related to this field are included in the quota and are subject to no tariff.
In the field of hydrogen vehicles, ion exchange membranes and drawers have initially borne an import tariff of 8%, but the application of this quota will result in tariff-free benefits for all imported goods.
As items related to secondary batteries, 20 items were selected, including artificial graphite, copper foil, and electrodes.
In the new and renewable energy field, it is classified into three items: electrode membrane assembly, separator, and platinum catalyst.
In the energy sector, tariffs of 3% are applied to naphtha and crude oil for LPG production, and as they are included in the quota, the tax rate was cut to 0.5% and 2%, respectively.
However, by setting a limit on the amount of tariffs applied, naphtha production is limited to 195 million barrels and LPG production is limited to 33 million barrels.
For LNG, a 2% tariff is applied, which is lower than the basic tariff of 3%, only for 6 months in the winter season from January to March and October to December.
LPG with a basic tariff of 3% is applied at 2% throughout the year.
In this regard, the Ministry of Industry said that the allocation of tariff support is expected to ease the burden on the industry, including the effect of supporting tariffs of about 400 billion won per year.
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