IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 Apr 2010 | Removal date: open ended
Still in force

Import tariff

As a result of revisions to its Customs Act, Korea has:
 
1. Limited the circumstances under which security must be posted for customs purposes. See Section III.1. of the source referred to below.
2. Eliminated the 50 percent reduction in tariffs on imports of goods "used to prevent any industrial disaster or any occupational disease." This move was justified on the grounds that in the past 3 years only one imported product received this reduction. See pages 76/7 of the source referred to below.
3. Tightened criteria for granting exemptions from import tariffs of products previously exported from Korea. Seepages 78/9 of the source referred to below.
4. Changes in the criteria for granting exemptions from import tariffs of products bought for scientific purposes, including those bought by public authorities. Seepages 79/81 of the source referred to below.
5. Increase in the import tariff exemption (to 100% relief) for certain specified items. See pages 81/82 of the source referred to below.
The implementation dates for these measures vary. The first implementation date was 1 April 2010.

AFFECTED COUNTRIES

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