The South Korean government will impose strict penalties on importers who deliberately delay the reporting and export of goods eligible for reduced tariffs, introducing measures to enforce timely distribution.
The South Korean government has announced that importers who take advantage of quota tariffs for imported agricultural and livestock products while intentionally delaying reporting and export will face severe penalties. This measure, detailed in a recent meeting of the Task Force for Special Management of Living Prices, aims to uphold the effectiveness of the quota tariff system, which supports over 1 trillion KRW annually in tariff reductions. The previous instances of intentional delays by firms have been noted to undermine the government's inflation control efforts, prompting the introduction of stricter regulations.
The Ministry of Finance plans to designate specific import categories that require intensive management to avoid delays at the border. These categories include food raw materials with long shelf lives, items with a history of export delay violations, and complex distribution products. Revisions to the legal framework will ensure that designated items must be exported from customs areas within a stipulated time, thereby improving compliance and reducing processing delays.
In addition to quicker export obligations, new rules will also impose a tighter timeline on delayed import reporting penalties—reducing the grace period from 30 days to 20 days. Failure to comply with these new obligations will lead to penalties, reinforcing the government's commitment to enforce stringent controls on imports, particularly in sectors crucial for maintaining market stability. Through these measures, the government aims to discourage exploitative delays and ensure steady supplies of vital imported goods, thus supporting broader economic stability.
