Latest updates

Harmonization of Customs Valuation and Transfer Pricing
  • South Korea
  • 22 September 2006

The Korean tax authorities are concerned that a free trade agreement with the United States may allow multinational enterprises to manipulate import prices further and reduce their Korean taxable income. Maintaining separate valuation systems for the transfer pricing and customs valuation regimes addresses the issue, but may entail significant compliance costs for companies engaged in cross-border transactions.

Customs Service Ups Its Game against Counterfeit Products
  • South Korea
  • 04 August 2006

Records held by the US and Japanese customs authorities for 2001 show Korea to be one of the top three countries for producing counterfeit goods. However, due to the concerted efforts made by the Korea Customs Service in recent years, Korea became the most successful country for IP rights protection at the 2006 conference of the World Customs Organization.

Administrative Ruling on Indonesian Paper Anti-dumping Case
  • South Korea
  • 21 April 2006

The Seoul Administrative Court has upheld a ruling of the Korean Trade Commission that certain Indonesian paper exporters had violated Korean anti-dumping regulations and had not observed the imposition of anti-dumping duties by the Ministry of Finance and Economy following the commission's ruling.

Expansion of Customs Service's Jurisdiction
  • South Korea
  • 03 March 2006

The government has introduced revisions to the customs legislation designed to streamline customs procedures in Korea, as well as to grant more administrative powers to the Korean Customs Service. The most notable amendment is the expansion of the Customs Service's jurisdiction over foreign exchange transactions.

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