South Korea
Customs value in South Korea
Customs valuation
CIF-type basis — transport and insurance to the border are included
Transaction value including freight, insurance and other transport-related costs up to the port of import (CIF basis).
Customs Act (Korea), Art. 30 · Korea Legislation Research Institute
Under this basis the invoice is only the starting point. LandedGrid uses your Incoterm to decide which transport costs are inside the price, then adds or removes them, and adds packing, selling commissions, assists and royalties where you report them. If the sale is between related parties or there is no sale, the transaction value method may not be available and the calculation stops at “valuation review required”.
What LandedGrid does not calculate for this destination
- base duty: Rates come from the KCS annual open-data file. Adjustment, quota and emergency tariffs that change during the year may be missing until the next file.
- preferences: FTA rates are covered where the agreement code maps to a single, certain partner. The KCS FTA portal states its information is for reference only; the agreement text governs.
- trade remedies: Anti-dumping and countervailing duties are not identified reliably in the ingested file.
- quotas: Quota tariff recommendations and balances are not held. In-quota rates are never assumed.
- taxes: VAT is calculated at 10%. The legal text of the VAT base has not yet been verified by LandedGrid against a primary Korean source, and other internal taxes are not calculated.
- excise: Individual consumption tax, liquor tax, education tax and rural development special tax are not calculated.
- customs fx: KCS weekly rates require a data.go.kr service key that is not configured.
- regulatory: Import requirements under the Integrated Public Notice are not yet covered.