Korea Certified Customs Attorney SJ

  Pursuant to Article 25 (2) of the FOREIGN EXCHANGE TRANSACTIONS ACT ( 외국환거래법 ), the Minister of Economy and Finance is authorized to designate one or more legal entities or organizations that are related to or specialize in foreign exchange affairs as an institution to relay, concentrate, exchange, or analyze data on foreign exchange transactions, payments, or receipts. Such an institution is referred to as the Foreign Exchange Information Center (FEIC). Currently, the Bank of Korea (BOK) plays the role of FEIC to facilitate the efficient and transparent foreign exchange transactions. Under the regulation of the BOK,   Foreign Exchange Information Center (FEIC) Operation Procedures ( 외환정보집중기관 운영절차 ), foreign exchange banks are required to report foreign exchange payments/receipts exceeding USD 1,000 to the BOK, and Customs may request the BOK for the reported data. By comparing the reported data with the declared import data, Customs officials can detect numerous custom...

  Among the duty exemption/reduction programs, the one prescribed in Article 95(1) 3 of the CUSTOMS ACT is designed to assist small and medium-sized manufacturers and medium-standing enterprises engaged in manufacturing products for factory automation. CUSTOMS ACT Article 95 (Reduction or Exemption of Customs Duties for Goods Used to Prevent Environmental Pollution, etc.)     (1) Customs duties may be reduced or exempted on any of the following imported goods, which are difficult to be manufactured in Korea: 1.       Machinery, appliances, facilities and equipment prescribed by Ordinance of the Ministry of Economy and Finance as goods used to prevent emissions of pollutants (including noise and vibration) or treat pollutants; 2.       Machinery and appliances prescribed by Ordinance of the Ministry of Economy and Finance as goods used to treat wastes (including recycling)...