The Supreme Court held (2018du47714) that raw pharmaceutical products provided free or charge under a purchase agreement were not “free of charge imports” as defined in Article 17(1) of the Enforcement Decree of the Customs Act, and therefore their customs value could be determined under Article 30 of the Customs Act.
Source: KPMG
Latest Posts in "South Korea"
- U.S. Raises Tariffs to 25% on South Korean Goods After Trade Deal Stalls
- South Korea Amends Consumption Tax Act: Reduced Tax, Refunds for Certain Synthetic Nicotine Cigarettes
- South Korea Extends VAT Exemption on Coffee and Cocoa Bean Imports to End of 2027
- Korea Extends Car Consumption and Fuel Tax Cuts to Support Domestic Demand and Ease Consumer Burden
- South Korea Considers Expanding VAT Deductions for Businesses Handling Used and Scrapped Vehicles
