ANNOUNCEMENT 01 Jul 2014In July 2014, the government of Republic of Korea announced a change in import formalities.
NUMBER OF INTERVENTIONS
Press release ' ', Ministry of Strategy and Finance: http://www.mosf.go.kr/law/law01.jsp?boardType=general&hdnBulletRunno=84&sub_category=128&hdnFlag=&hdnDiv=&&actionType=view&runno=4020224 (Korean)
Press release '() ', Ministry of Strategy and Finance: http://www.mosf.go.kr/news/news02.jsp?boardType=general&hdnBulletRunno=62&sub_category=128&hdnFlag=1&hdnDiv=183&&actionType=view&runno=4018960 (Korean)
Supplementary sources 'IHS mccloskey coal report: 24 January 2014': http://carbunion.com/panel/infoprecios/uploads/MCR%20327.pdf (English)
Starting from 1 July 2014, an individual consumption tax has been imposed on imported coal used for power generation. Coal used for purposes besides power generation was exempted from this tax.
The idea of the tax policy revision was introduced last November through the press release of the government. In the announcement, it said that the purpose of this measure is to tackle the excessive electricity consumption and to rationalize domestic energy price structure.
Tariff changes on 1 July 2014:
Coal for power generation:
On the same day, taxes on other alternative imported fuels - namely liquefied natural gas (LNG), kerosene and propane - were lowered.