SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s internet conglomerate Naver Corp.’s big data technology will be employed in the customs clearance process of overseas direct purchases (ODP) as part of an initiative to limit tax evasion.
The Korea Customs Service (KCS) signed a memorandum of understanding (MOU) with Naver on Tuesday, enabling the KCS to gain access to Naver’s extensive data on ODP products for custom processing.
Naver will develop an application programming interface (API) to allow the KCS to efficiently utilize the company’s data on ODP products.
KCS will incorporate artificial intelligence (AI) algorithms, named entity recognition technology and other analytic tools for customs use.
The new agreement comes as a part of efforts to crack down on tax evasion, block the entry of illegal drugs and other hazardous materials, and expedite customs for ODP goods.
The KCS plans to focus on utilizing price data provided by Naver Shopping to crack down on tax evasion. Tax evasion can be suspected if the price of an ODP product and the same product listed on Naver differs significantly.
H. M. Kang (email@example.com)