Customs Service, Comprehensive Support for Customs Administration for Companies Affected by Heavy Rain

[Financial News] The Customs Service announced on the 18th that it will provide comprehensive support for customs administration to export and import companies affected by the recent heavy rains.
 The main support measures include △ extension of customs duty payment deadlines and installment payments for imported goods as tax support △ principle postponement of customs investigations △ suspension/delay of origin verification under the Free Trade Agreement (FTA) △ support for special customs clearance.
 Accordingly, the Customs Service will allow the extension of the payment deadline for customs duties and other taxes imposed on imported goods for up to 1 year or allow installment payments, and in this case, the taxpayer's obligation to provide collateral will be omitted.
 In addition, for companies whose business sites have been damaged by the heavy rains, customs investigations will be postponed in principle until the end of the year. For companies that have already been notified of a customs investigation or are currently undergoing one, the request for postponement or suspension of the investigation by the taxpayer will be accepted.
 Furthermore, for import companies affected before the start of origin verification, the verification will be suspended until the end of the year, and for ongoing import companies, requests for postponement will be accepted. For requests from the agreement counterpart countries for origin verification of export companies affected, an extension of the verification deadline will be requested to the counterpart authorities, and the deadline for submitting origin proof documents will also be extended.
 Additionally, rapid customs clearance will be supported for raw materials urgently procured after heavy rain damage such as factory closures. If it is difficult to ship export goods on time due to damage to manufacturing facilities, the loading period for aircraft and ships of export-declared goods will be extended. For imported goods stored in bonded areas by affected companies, the 'additional tax due to delayed import declaration' will be exempted.
 The Customs Service plans to receive reports of damage through 34 customs offices nationwide and concentrate all capabilities on emergency support for companies affected by heavy rains.
kwj5797@fnnews.com Kim Won-jun Reporter