Korea Customs Service Improves Customs Refund System for SMEs

摘要

Korea Customs Service announced on May 2 that it has improved its customs refund system in order to pay back custom duties to small and mid-size enterprises (SMEs) in a speedier manner and implemented the new system beginning May 1. The customs refund system is to collect import duties when raw materials are imported and to pay back the duties for them used for the production or the processing works of the exported products after the outbound shipments of the related products are made.