Korea’s customs authorities on Thursday introduced plans to cut back paperwork necessities and velocity up the customs clearance course of for imports, a transfer geared toward lessening regulatory burdens on native companies.
Below a revised legislation at the moment present process administrative discover, procedures for re-importing returned items might be simplified, in keeping with the Korea Customs Service (KCS).
Beforehand, corporations had been required to submit documentation if the whole worth of a number of gadgets mixed in a single import declaration exceeded $150.
Below the revision, the requirement will apply solely when every merchandise class exceeds $150, easing the burden for corporations that regularly re-import a number of merchandise directly, the KCS mentioned.
As well as, items which can be repaired in nations with which Korea has an free commerce settlement (FTA) and introduced again to the nation will not require associated paperwork to be submitted, the KCS mentioned.
The KCS expects the revision to cut back logistics prices and ease burdens on companies.
