South Korea Customs Act (Act No. 19841 of 2023)

South Korea faced significant customs revenue loss due to import fraud.

Key Obligations

["Import declaration mandatory for all goods", "Payment of customs duties and VAT", "Compliance with Korean tariff schedule (HTSKOR)"]

Penalty Ranges

Fines up to KRW 30 million; imprisonment up to 5 years

Affected HS Codes: ["All HS codes"]

Issuing Authority: Korea Customs Service (KCS)