Regulations Governing the Offsetting or Refund of Duties and Taxes on Raw Materials for Export Products Article 22

If customs duties and commodity taxes on raw materials to be processed for export, which were charged to account against security furnished by a credit institution, are offset within the prescribed time limit, the competent authority shall notify the credit institution to discharge its guarantee liability. In the case of failure to offset within the prescribed time limit, the credit institution which serves as the guarantor shall be liable to pay the duties and taxes demanded for payment andbelated surcharge to be levied according to the amount of duties and taxes involved at the rate of 0.05 per cent per day, commencing from the date following the day on which the duties and taxes were charged to account until the date of full payment of duties and taxes. The credit institution shall be responsible for settling the payment. However, the belated charge shall not exceed 15% of the original amount of duties and taxes involved.