ANNOUNCEMENT 01 Apr 2010In April 2010, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
See Korea Customs and Tariff 2010 at http://english.mosf.go.kr/public/direction_view.php?sect=pubs_korean&pmode=&cat=&sn=7006&page=1&SK=ALL&SW=
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.