[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] The Korea Customs Service announced on the 7th that it will provide special tax administration support starting today for export-import companies affected by the heavy rains.

The Korea Customs Service will accept applications from flood-affected export-import companies and extend the customs duty payment deadline by up to 12 months, allowing installment payments.

If export-import companies subject to customs investigations have suffered damage, they can request a postponement of the customs investigation. Flood-affected export-import companies can apply for various refunds without documents and receive the refund on the day of application. The Korea Customs Service will also temporarily allow customs clearance even if there are arrears and postpone enforcement measures such as property seizure.

Detailed information about the special tax administration support can be confirmed through each regional headquarters customs office.