Temporary Special Measures for 'Maritime Freight Tariffs' Applied During Emergency Procurement of Key Components

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government will implement a special customs tariff system that applies maritime freight tariffs when companies facing parts supply disruptions due to COVID-19 procure key components via air transport.

On the 20th, the government held an expanded trade strategy coordination meeting at the Seoul Trade Center and announced the "COVID-19 Corporate Difficulties Resolution and Export Support Measures" containing these details.

Until now, when urgently importing key automotive parts by air, customs duties were imposed based on air transport costs, placing a heavy burden on importing companies. Accordingly, the government plans to revise the Korea Customs Service's "Notice on the Determination of Taxable Price for Imported Goods" within February.

For goods whose transportation method is changed from maritime to air due to urgent reasons such as COVID-19, or whose overseas suppliers are changed to enable air transport, customs duties will be temporarily imposed based on maritime transport costs. This will be applied retroactively from goods declared for import on the 5th.

The government stated, "We will continue to prepare related measures to minimize the impact of COVID-19 on our economy."