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BK SEA&AIR LOGISTICS
consults procedures and methods for most appropriate and
speedy customs drawback and transfer the results to affiliate
customs brokerage firms for execution to guarantee our
clients' legitimate benefit.
Customs Drawback is a system under which customs
duties and other taxes levied on imported raw materials
can be refunded after they are used to make export goods.
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1. Subjects for Drawback
Transactions eligible for drawback are limited to export
transactions in principle.
However, exceptions are given to certain transactions that
result in practically same effect
as export transactions. The Special Act for Drawback defines
the subjects for drawback.
2. Types of Duties for Drawback
Types of duties applicable for drawback are Customs duty
and internal taxes
levied on raw meterial at the time of importation. Such internal
taxes include
special consumption tax, liquor tax, educational tax and special
tax for farming
and fishing. Refund of Value Added Tax (VAT), of which rate
is Zero for export goods,
is separately administered by National Tax Service.
3. Drawback Application
An exporter or manufacturer of export goods may apply
for drawback of duties.
However, application for simplified fixed drawback is restricted
to only manufacturers of export goods.
A drawback application should be made within two years
from the date that the export declaration is accepted.
4.Calculation of Drawback Amount
1) Individual Drawback
Individual drawback is the sum of individual tariff levied
on each imported raw material
used to manufacture export goods.
2) Simplified Fixed Drawback system
To simplify drawback procedure for small and medium-sized
companies,
the Simplified Fixed Drawback System, where an applicant can
take advantage of predetermined
and listed drawback amount of certain products, has also been
introduced.
5. Post-Audit of Drawback Amount
When the post-audit reveals that the drawback is paid
in excess,
the client has to pay back the excessive amount as well as
penalty.
In addition, if it is found that the illegal measures were
used to receive larger drawback,
he/she may be subject to punishment by The Special Act for
Drawback.
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