Incheon Main Customs "Helping Small and Medium Export Companies Claim Refunds"

[Asia Economy Reporter Dongwoo Lee] Incheon Main Customs announced on the 23rd that starting from the 26th, it will promote the ‘2021 Sleeping Refund Recovery’ to support the business stability of small and medium-sized export companies in the jurisdiction that are experiencing financial difficulties due to the prolonged COVID-19 pandemic.

Export customs refunds refer to the refund of customs duties paid at the time of import when raw materials are imported, manufactured or processed, and then exported. Small and medium-sized manufacturing or export companies can receive a fixed amount of refund according to designated goods upon confirmation of export.

This ‘2021 Sleeping Refund Recovery’ was prepared to resolve the situation where small and medium-sized export companies eligible for simplified fixed-amount refunds cannot utilize the customs refund system at the time of export because the manufacturer and exporter are different.

Incheon Main Customs developed its own analysis tool to directly discover beneficiary companies that can claim refunds and plans to send expected refund notices to those companies. Additionally, through 1:1 customized consulting between customs and companies, it helps companies find refunds they were unaware of.

Through such proactive customs administration over the past three years, Incheon Main Customs has helped 230 small and medium-sized export companies in the jurisdiction recover approximately 1.6 billion KRW in sleeping refunds, alleviating the financial burden on SMEs, and plans to continuously discover and support companies that have not utilized the refund system in the future.

For more details, refer to the Incheon Main Customs website or contact the Incheon Main Customs Audit Information Division to receive guidance on refund systems and various corporate support programs suitable for each export company.