'High exchange rate burden' imported SMEs, tariff payment extension up to 1 year

'High exchange rate burden' imported SMEs, tariff payment extension up to 1 year

Customs Service provides emergency tax support to SMEs with raw material import value exceeding 20% of sales

Small and medium-sized enterprises (SMEs) importing raw materials and components, facing increased management burden due to high exchange rates, will be able to extend their tariff payment deadline by up to one year.

The Korea Customs Service announced on the 8th that it will provide emergency tax support to SMEs whose import value of raw materials and components accounts for 20% or more of their sales.

This measure aims to alleviate the financial burden on companies whose raw material import costs have increased due to the recent rise of the won/dollar exchange rate by more than 110 won compared to the end of last year.

Through application, companies can extend the payment deadline for customs duties and other taxes payable upon import by up to one year, or pay in installments up to 6 times. They can also receive customized tax support, such as prompt payment of export refunds and suspension of disposition for arrears.

Previously, the Customs Service has also been providing tax support to companies directly and indirectly affected by the Middle East war since March.

An official from the Customs Service stated, "We will continue to actively support companies in securing liquidity by providing timely tax support to those experiencing temporary management crises due to changes in the trade environment or disasters."