Korea Customs Service Provides Special Support for Lunar New Year Holiday Including 'Fast Customs Clearance and Tax Refunds'

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korea Customs Service announced on the 23rd that it will implement the "Special Customs Administration Support Measures for the Lunar New Year Holiday" starting from the 25th of this month.

The support measures are prepared to ensure smooth supply and stabilize prices of essential goods that are expected to experience significant price fluctuations ahead of the Lunar New Year holiday.

The Korea Customs Service will organize a permanent support team to provide assistance such as expedited customs clearance and customs refunds from the 25th of this month to the 12th of next month. A "24-hour Special Customs Clearance Support Team" will operate at customs offices nationwide, helping to ensure that customs clearance for essential goods exports and imports proceeds without delay, including during holidays and nighttime hours.

In particular, foods requiring freshness preservation will be prioritized for customs clearance, and an emergency standby team will be organized and operated during the holiday period to prepare for an increase in small express cargo volumes such as Lunar New Year gift sets.

Support measures for companies during the Lunar New Year holiday will also be implemented. For example, the Korea Customs Service will make every effort to support export companies by promptly processing requests for shipment period extensions to prevent fines imposed due to unshipped export cargo.

Above all, to alleviate temporary financial burdens on small and medium export companies, a "Special Customs Refund Support" will be conducted from the 28th of this month to the 10th of next month. Refunds will be paid on the day of application as a principle, and applications submitted late in the afternoon (after bank business hours) will have refunds paid by the next morning.

Additionally, to prevent cash flow difficulties for diligent small and medium enterprises, support will be provided to eligible companies for unsecured customs payment deferrals or installment payments for up to six months within 50% of last year's tax payment amount.

Meanwhile, alongside the special support, the Korea Customs Service plans to strengthen collaborative inspections with the Ministry of Food and Drug Safety on overseas direct purchases containing harmful substances before and after the Lunar New Year holiday to protect public health, and will focus on cracking down on illegal and consumer-deceptive acts such as illegal use conversion after import clearance and violations of origin labeling.