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Check the eligibility for installment payments

You are Eligible for Installment Payment of Customs Duties in the Following Cases:

  • Installment payment of customs duties for facilities and types of machinery
    • Facilities and machinery, basic installations published by the Minister of Strategy and Finance are eligible for installment payment if they satisfy the following conditions(Article 107 of the Customs Act and Article 59 of its Enforcement Decree)
    • When the goods shall not be parts
    • When the goods shall not be exempted from customs duties
    • When the amounts of customs duties of the goods shall be 5 million won or higher (1 million won or higher for SMEs) and
    • When the goods shall not be subject to provisions on flexible tariff (Articles 51 through 72 of the Customs Act).
  • Installment payment of customs duties for small and medium-sized manufacturing companies
    • Goods imported for direct use by small and medium-sized manufacturing companies can get an approval for installment payment of customs duties if they meet the following conditions(Article 107 of the Customs Act and Article 59 of its Enforcement Decree)
    • Company shall be an SME according to Article 2 of the Framework Act on Small and Medium Enterprises and a manufacturer under the Korean Standard Industrial Classification and
    • Goods shall fall under the category of goods of Chapters 84, 85, and 90 of HS Code and shall not be exempt from customs duties. The amounts of customs duties of the year shall be 1 million won or higher, and there shall be difficulties in domestic manufacturing confirmed by the head of the relevant ministry.
  • Time Period of installment payment of customs duties
    • The time period of installment payment of customs duties may be arranged for up to 5 years, depending on the amounts approved by customs. For more information on goods and institutions eligible for installment payment of customs duties, please refer to Annex 4 under Paragraph 2, Article 59 of the Enforcement Rule of the Customs Act.
  • An application for installment payment of customs duties should also be filed before the import declaration is accepted (Article 126 of the Enforcement Rule of the Customs Act).