- New administrative regulations introduced by Korea Customs Service
- Aimed at improving data collection during customs audits
- Regulations include provisions on suspension or extension of customs audit, fines, non-issuance of amended VAT invoice, denial of transaction price, reporting, referral, notification disposition, and other sanctions
- Multinational enterprises advised to prepare necessary data through pre-risk assessment or utilize pre-cooperation programs before a customs audit
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
