to leave a comment.
Product Classification Decided for 10 Import/Export Items
Customs duties are exempted for the so-called 'wireless charging mood lamp' clock, which combines a wireless charger, a digital clock, and LED lighting.
The Korea Customs Service announced on the 14th that it decided on 10 product classifications at the 2nd Customs Product Classification Committee and published the revised 'Notice of Change in Product Classification for Import/Export Goods, etc.' reflecting these decisions in the official gazette.
Product classification is a key factor in determining the tariff rate and origin of imported goods.
The committee classified the wireless charging mood lamp clock not as a watch or electric lighting, which would be subject to an 8% tariff, but as a battery charger, which is subject to a 0% tariff under the World Trade Organization (WTO) concessionary tariff rate.
Factors such as its equipped high-speed charging technology, which involves advanced technical skills compared to the simple additional functions of a clock and lighting, were taken into consideration.
The Korea Customs Service stated that this decision is significant as it provides clear product classification standards for the growing home appliance market with multi-functional complex products, thereby increasing companies' predictability for imports and exports.
The 'speaker grille (cover)' for protecting the speaker module embedded in the car door was classified as a 'part of a vehicle,' subject to a 15% basic tariff in India and a 25% item tariff in the United States.
The Korea Customs Service expects this to prevent confusion in product classification for the automotive parts import/export industry and support accurate import/export declarations.
Newsletter
Get key news delivered to your email every morning
to leave a comment.