S. Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers | Yonhap News Agency

## Summary
OK By Kim Han-joo SEOUL, Marh 18 (Yonhap) -- The government on Wednesday announced plans to strengthen monitoring to prevent importers from exploiting the country's tariff-rate quota system, including imposing additional duties on violators. The Ministry of Economy and Finance (Yonhap) khj@yna.co.kr (END) Related Articles (LEAD) Gov't to prevent importers from exploiting tariff-rate quota system Gov't to expand tariff-rate quota on mackerel amid price hike Finance minister vows all-out efforts to curb food-related inflation Keywords #tariff quota #importer Articles with issue keywords Most Liked 16th Gwangju Biennale: You must change your life Ex-U.S. officials voice concerns about Trump gov't 'vacating' deterrence assets from Indo-Pacific amid Iran war Police vow zero tolerance for terror threats against BTS comeback concert (2nd LD) N. Korea, U.S. conduct joint drills Police vow zero tolerance for terror threats against BTS comeback concert S. Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers Next S.

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OK
By Kim Han-joo
SEOUL, Marh 18 (Yonhap) -- The government on Wednesday announced plans to strengthen monitoring to prevent importers from exploiting the country's tariff-rate quota system, including imposing additional duties on violators.
The Ministry of Economy and Finance said it has proposed revisions to the enforcement ordinance of the Customs Act and and related regulations to establish a legal basis for designating certain items for stricter oversight.
The tariff-rate quota system allows a certain volume of imports to be subject to lower tariff rates within a specified limit. Under the system, tariffs on selected items, mostly essential goods, can be reduced by as much as 40 percentage points.
Authorities have found that some importers abused the system. In some cases, companies imported goods at reduced tariff rates but stored them in warehouses or delayed customs declarations, later selling them at higher prices.
Under the proposed revision, conditions for applying tariff-rate quotas will be tightened, including setting deadlines for the release of goods into the market.
If companies violate the rules, tariff reductions will be revoked and additional duties will be imposed, the ministry said.
The ministry said the revisions are expected to take effect next month following Cabinet approval.
The Ministry of Economy and Finance (Yonhap)
khj@yna.co.kr
(END)
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S. Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- The Ministry of Economy and Finance (Yonhap) khj@yna.co.kr (END) Related Articles (LEAD) Gov't to prevent importers from exploiting tariff-rate quota system Gov't to expand tariff-rate quota on mackerel amid price hike Finance minister vows all-out efforts to curb food-related inflation Keywords #tariff quota #importer Articles with issue keywords Most Liked 16th Gwangju Biennale: You must change your life Ex-U.S. officials voice concerns about Trump gov't 'vacating' deterrence assets from Indo-Pacific amid Iran war Police vow zero tolerance for terror threats against BTS comeback concert (2nd LD) N.

### Implications
- Under the proposed revision, conditions for applying tariff-rate quotas will be tightened, including setting deadlines for the release of goods into the market.
- If companies violate the rules, tariff reductions will be revoked and additional duties will be imposed, the ministry said.
- The Ministry of Economy and Finance (Yonhap) khj@yna.co.kr (END) Related Articles (LEAD) Gov't to prevent importers from exploiting tariff-rate quota system Gov't to expand tariff-rate quota on mackerel amid price hike Finance minister vows all-out efforts to curb food-related inflation Keywords #tariff quota #importer Articles with issue keywords Most Liked 16th Gwangju Biennale: You must change your life Ex-U.S. officials voice concerns about Trump gov't 'vacating' deterrence assets from Indo-Pacific amid Iran war Police vow zero tolerance for terror threats against BTS comeback concert (2nd LD) N.
- Korea, U.S. conduct joint drills Most Saved 16th Gwangju Biennale: You must change your life (2nd LD) N.

### Expert Commentary
This article covers korea, tariff, rate topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 513.