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Types of Tariffs in Korea
Tariffs in effect today are as follows:
1) Statutory Tariff
The Basic Tariff and the Temporary Tariff
are both regulated by the
national legislation
① Basic Tariff
This tariff
is the basis of all tariffs, which is shown in first line
of
rates of the duty
column in the Tariff Schedule.
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② Temporary Tariff
This tariff, which
is shown in the second line of rates of the duty column in the
tariff
schedule, shall be temporarily
applied instead of the basic tariff in case there are
considerable economic reasons.
2) Conventional Tariff
① World Trade Organization (WTO) Conventional
Tariff
Korea has been a contracting
party to the WTO since 1995, and is currently applied to the
WTO concession tariff rates
in some designated nations.
② Conventional tariff for developing
member countries of ESCAP
Preferential Tariffs
shall be applied for 57 items imported from the developing member
cou-
ntries of ESCAP.
3) Elastic Tariff
① Elastic Tariff for regulating foreign
trade
When there is an urgent
need to regulate foreign trade for protection of domestic industry,
anti-dumping duty, retaliatory
duty, emergency duty, countervailing duty and beneficial duty
are levied on some designated
import goods by the Presidential Decree.
② Elastic Tariff for stabilization of
the domestic market
When it is necessary
to encourage or to discourage the import of particular goods
to bal-
ance the supply and demand
of such goods, Customs duty may be imposed on a certain
portion of the said goods
imported, at the rate computed within the limit of the basic
rate
plus or minus 40 percent
by the presidential Decree (Tariff Quota System)
Priority of Tariff Application
1) Anti-dumping duty, Retaliatory duty, Emergency duty, Countervailing
duty,
Special safeguard duty
2) Beneficial duty, Conventional tariff
These tariffs are applied when lower than third, fifth
and sixth order tariffs
3) Adjustment duty, seasonal Customs duty, Tariff Quota system
4) Conventional tariff on agricultural products
These conventional tariffs on agricultural products shall
be applied,
even when the following tariffs are higher
5) Temporary Tariff
6) Basic Tariff
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