- South Korea is implementing a new Taxpayer Verification System in 2028.
- The system allows importers with annual receipts under USD 30 million to opt for verification as good-faith customs taxpayers.
- This replaces traditional audits with monthly confirmations of declarations.
- The Korea Customs Service is already increasing audits on eligible importers.
- Businesses should assign a manager, ensure accurate reporting, maintain records, and seek expert advice to prepare for the new system.
- Foreign-invested subsidiaries and importers must act now to ensure compliance and mitigate risk.
Source: yulchon.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.
