June 13, 2023 NEWSLETTER June 2023Korea Customs and Trade Update (June, 2023)
UPDATES
Prior Announcement of Amendments: 「Ordinance on Refund of Customs Duty, etc. on Raw Materials for Export」 - Clarification of the processing period for cases subject to refund review In cases selected for refund post-review, refund applicant will be requested to submit related documents within 15 days from the date of selection by customs, in purpose of preventing long-term pending cases. By extending the submission period to 15days, the burden of submitting documents for refund applicants will be eased. - Adjustment of Yield Ratio Preliminary Review Committee’s jurisdiction If the customs office in jurisdiction is either Incheon International Airport Customs or Pyeongtaek Customs, the yield ratio review will be assigned to the Committee in Incheon International Airport Customs. Guidance on Deferment of Customs Investigations - The number of target companies has significantly increased from 5,148 last year to 28,000 this year. Considering the difficult domestic and foreign trade environment, such as the recent global economic downturn and global supply chain disruption, Korea Customs Service plans to expand the scope of deferment of customs investigations, to support import/export companies’ expansion and stabilization of their businesses. * Customs investigation deferment period: July 1, 2023 – June 30, 2024 The companies subject to deferment will be excluded from customs investigation targets for one year, and will have tax benefits such as extension of tax payment deadline, installment payment, and omission of securities. AMENDMENTS Amendment of Enforcement Decree of the Transportation, Energy, and Environment Tax Act and Enforcement Decree of the Individual Consumption Tax Act (partial amendment) Orders for Refund of Customs Duties, etc. on Raw Materials for Export (draft planned) Article 71 of the Customs Act: Regulations on application of tariff quotas (partial amendment) Article 69 of the Customs Act: Regulations on the application of adjusted tariffs (partial amendment) Announcement of tariff quota items subject to penalty tax for delay in import declaration Regulations on Increase in Market Access Volume (partial amendment) Ordinance on Refund of Customs Duties on Raw Materials for Export (partial amendment) Ordinance on Accusation and Notification of Customs Offenders (partial amendment) OPINION
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