ANNOUNCEMENT 31 Dec 2009In December 2009, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
Korea Customs and Tariffs 2009. Available at http://english.mosf.go.kr/public/direction_view.php?sect=pubs_korean&pmode=&cat=&sn=7003&page=1&SK=ALL&SW=
In its annual statement concerning Korean customs policy, the Ministry of Strategy and Finance indicated that the following changes had been made to the Customs Act:
1. Extension (from 3) to 5 years of the right to request a customs duty refund. The length of time that Customs officials during which they can notify payees of overpayment was extended to 6 months.
2. Written payment guarantees issued by banks were no longer accepted as security for customs payment purposes. Certain guarantees offered by Korean government agencies were no longer accepted too.
3. Changes were made to the duty exemption scheme for overseas processed goods.