South Korea recently announced a series of regulatory and policy changes aimed at supporting the development of the domestic food and catering industry, combating unfair competition from foreign goods, and enhancing the export capacity of small and medium-sized enterprises. These include extending duty-free policies on certain goods, imposing anti-dumping duties on specific products, and introducing a series of tariff policies to support small and medium-sized enterprises. Below is a detailed analysis of these policies.
1. Extension of tax exemption measures
South Korea's Ministry of Agriculture, Food and Forestry announced that it will continue to provide tax support policies to the food and catering industry to stimulate domestic consumption and diversify imports. The specific measures are as follows:
Coffee and raw cocoa beans import surcharge exemption extended until December 2025:This policy aims to reduce business costs, promote the development of coffee culture and consumer welfare.
Extension of the additional tax exemption period for processed foods such as kimchi, chili sauce and pickles until December 2025:The duty-free policy for these traditional foods helps to protect and promote the development of the domestic food industry.
Quota tariffs will be applied to 26 kinds of commodities such as sugar and sunflower oilThis measure aims to balance supply and demand in the domestic market, prevent excessive market volatility, and protect the interests of domestic industries and consumers.
2. Anti-dumping duty measures
The South Korea** Committee imposes anti-dumping duties on coated printing paper originating in China, Japan and Finland to uphold fairness**:
Anti-dumping duty rate:The product tax rate in China and Japan is 1623%, and the product tax rate in Finland is between 822% to 1294% between.
Tax Period:It is proposed that anti-dumping duties be continued for a period of five years in order to prevent market disruption and protect domestic industries.
3. Measures to support small and medium-sized enterprises
The Korea Customs Service has launched 5 measures aimed at reducing the operational pressure on SMEs and improving their export competitiveness:
Postponement of the Tariff Investigation:Provide SMBs with more lead time and fewer disruptions to their operations.
Extension of the deadline for payment of customs duties or payment in installments:Improve the cash flow of small and medium-sized businesses and help them better manage their finances.
Waiver of the requirement to provide a guarantee:Reduce the financial burden of small and medium-sized enterprises and promote their business development.
Fast payment of export tax rebates:Improve the speed of capital withdrawal and support enterprises to expand exports.
Deferred payment of additional tax:Provide SMEs with more financial flexibility to support their ongoing operations.
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