What is the standard of tariff collection in Korea?

South Korea's import tariff rates include:

Basic tariff rate, temporary tariff rate, flexible tariff rate and preferential tariff rate agreed by the Korean government and other countries.

The order of application of tariff rate is:

1, temporary tariff measures;

2. Preferential tax rate agreed in Bangkok;

3. WTO preferential tax rates among developing countries;

4. GSP rate;

5. Basic tariff rate.

The so-called tariffs mainly refer to import tariffs. Imposing import tariffs will increase the cost of imported goods, raise the market price of imported goods and affect the import quantity of foreign goods. Therefore, all countries regard import tariffs as a means to restrict the import of foreign goods. Proper use of import tariffs can protect domestic industrial and agricultural production, and can also be used as an economic lever to regulate domestic production and economic development.

Extended data calculation method

I. Calculation of import duties and taxes

The basic formula for calculating the import tariff is:

Import duty = customs value × import tax rate

Please pay attention to the following points when calculating tariffs:

1. Import tax is paid in RMB. If the imported goods are denominated in foreign currency, the customs shall calculate the transaction price in RMB according to the central parity of RMB foreign exchange announced by the State Administration of Foreign Exchange on the date when the tax payment certificate is issued. Foreign currencies not listed in the RMB foreign exchange quotation sheet shall be converted into RMB at the exchange rate determined by the state foreign exchange administration department.

2. The customs value shall be calculated in RMB yuan and rounded to the nearest yuan. After tax payment, the tax shall be calculated to minutes and rounded off as follows.

3. One ticket of goods below RMB 50 yuan is exempt from customs duties. The transaction price of imported goods has different price forms due to different trading conditions. Commonly used price terms are FOB, CIF and CIF. According to three commonly used price terms, this paper introduces the calculation of import tax with examples.

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