[Korea Customs Service Update] Stringent Queries expected for upcoming Customs Audits

Effective since April 2024, Korea Customs Service (“KCS”) enacted a government directive that aims to streamline the importers’ data provision during customs audits.

To oversimplify, the directive  -based on the Customs Act of Korea-  defines “Uncooperative Entity” and expressly states countermeasures thereto. Although it is premature to gauge the impact at this early stage, the directive is likely to escalate the difficulty level concerning customs audit defense, in particular for multinational entities in South Korea.

For further details on this regulatory update, please either email me [[email protected]] or refer to my full article in Mondaq [link: https://www.mondaq.com/international-trade–investment/1455884/korea-customs-service-steps-up-data-requests-to-taxpayers-via-new-government-directive ]