Director of Tax Policy "Thoroughly manage tariff reduction benefits to reach consumers"

Director of Tax Policy "Thoroughly manage tariff reduction benefits to reach consumers"

On-site visit to a frozen pork processing company importing at 25→0% under tariff quota

Cho Man-hee, Director-General of the Tax Policy Bureau at the Ministry of Economy and Finance, emphasized, "We will thoroughly manage the tariff reduction benefits to ensure they fully reach consumers."

On the 17th, Director Cho held a meeting with industry officials at CJ CheilJedang's meat processing plant in Jincheon, Chungbuk, stating, "It is undesirable for the purpose of the tariff quota policy to be undermined by distortions in the distribution process or certain fraudulent methods."

Prior to this, Director Cho inspected the raw material warehouse and manufacturing process inside the factory, checking the release of tariff quota volumes from bonded areas, factory receipt status, input into the manufacturing process, and the impact on prices.

The government is applying tariff quotas to imported frozen pork to stabilize prices. For the volume of 12,000 tons from May to December this year, the tariff was lowered from the current 25% to 0%.

In February, in the 'Tariff Quota Review and System Improvement Plan,' the system was improved to ensure that consumer prices are lowered without any fraudulent acts, such as intentional delays, during the customs clearance and distribution stages.

The Ministry of Economy and Finance stated, "We will continue to closely cooperate with the Korea Customs Service, the Ministry of Agriculture, Food and Rural Affairs, and other relevant agencies to monitor tariff quota items and conduct on-site inspections," adding, "We will actively manage the situation, including preparing additional measures if necessary."