The photo shows the Korea Customs Service building. (Yonhap)
SEOUL, Nov. 20 (Korea Bizwire) – South Korea’s customs authorities on Thursday announced plans to reduce paperwork requirements and speed up the customs clearance process for imports, a move aimed at lessening regulatory burdens on local businesses.
Under a revised law currently undergoing administrative notice, procedures for re-importing returned goods will be simplified, according to the Korea Customs Service (KCS).
Previously, companies were required to submit documentation if the total value of multiple items combined in a single import declaration exceeded US$150.
Under the revision, the requirement will apply only when each item category exceeds $150, easing the burden for companies that frequently re-import multiple products at once, the KCS said.
In addition, goods that are repaired in countries with which South Korea has an free trade agreement (FTA) and brought back to the country will no longer require related documents to be submitted, the KCS said.
The KCS expects the revision to reduce logistics costs and ease burdens on businesses.
(Yonhap)
