The Korea Customs Service announced that, starting September 1, it will fully implement the "Unified Submission System for Taxable Value Declaration Documents" (hereinafter referred to as "tax documents").
The purpose of this system is to secure essential tax documents in order to detect and correct declaration errors at an early stage, and to reduce the unnecessary burden on taxpayers of submitting tax documents.
The system applies to companies whose total tax payments, including customs duties and value-added tax, exceeded 500 million won in the previous year. However, companies participating in the Korea Customs Service's taxpayer cooperation programs (AEO, ACVA) are exempt from the document submission requirement.
The documents that must be submitted cover eight categories: royalty payments, production support, commissions, freight, insurance, and other transportation-related costs, container and packaging costs, post-importation profits, indirect payments, and transactions with related parties.
The Korea Customs Service has stipulated that, in cases of repeated transactions under the same conditions, companies are required to submit the relevant documents only once per year, minimizing their burden. In addition, if the preparation of tax documents is delayed during the customs clearance stage, delayed submission is permitted within 30 days.
Prior to implementation, the Korea Customs Service provided a two-month grace period and gathered feedback from the field by holding policy forums and briefing sessions.
Lee Myunggu, Commissioner of the Korea Customs Service, stated, "The foundation of the self-assessment and payment system is the cooperation of taxpayers and the accuracy of their declarations. Importing companies, as taxpayers, should submit reliable documents with integrity, and customs brokers should fulfill their role as declaration agents based on professionalism and public interest."
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