S Korea Adds To Preferential Tariff List For 2016

by Mary Swire, Tax-News.com, Hong Kong

30 December 2015

South Korea's Ministry of Strategy and Finance has announced that it has made changes to the list of products that will benefit from preferential import tariffs in 2016.

Each December, for a number of years, the Ministry has issued a list of goods that will be subject to lower import tariffs during the succeeding year. The number of goods entitled to reduced tariffs in 2016 is 51, an increase of 10 items over 2015.

For example, preferential tariffs will be provided on imports of industrial equipment, parts and raw materials used by exporters of semiconductors, display panels, and rechargeable batteries, while reduced raw material tariffs will be available for the predominantly small- to medium-sized enterprises engaged in the textile sector.

There will also be lower import duties on animal feed to help contain recent cost increases affecting livestock farmers, and on certain oil products, such as liquefied petroleum gas, liquefied natural gas, and naphtha, that are used for heating and fuel.

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