According to the NTS on Sunday, the National Assembly’s planning and finance committee has recently discussed tax incentives limitation laws regarding regulations on fuel refunds for small trucks and is expected to address the issue this week. Thus, without any significant changes in the proceedings, the refunds are expected to be paid out starting next month.

If the bill is passed as scheduled, beginning next month, owners of small trucks that use fuel purchase refund cards will earn back taxes tagged on fuel up to a limit of 100,000 won per year.

Along with this, the annual maximum 240,000 won fuel refunds for salary-earning workers and the self-employed are expected to be paid out in November and December, respectively.

The government estimates that those subject to the refunds total 13.8 million people with salary-earning workers required to post an annual income of below 36 million won, while the total earnings of self-employed workers need to be below 24 million won.

In addition, a meeting on quality of life policies held at Cheong Wa Dae last Friday agreed on and began the implementation of a measure to return 71.1 billion won in unreturned taxes for the period between 2005-2007 to 1.39 million small business owners nationwide who were unable to get their tax returns as composite income tax declarations were not properly carried out before Chuseok.

[Eun-young Sa / KHS]