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Tax revenues up in 2014 on strict checks on imported goods prices
By KH디지털2Published : March 31, 2015 - 11:05
Stringent monitoring of prices for imported flowers, farm and fishery products contributed to 81.1 billion won ($73.2 million) in more taxes being collected in 2014, the Korea Customs Service said Tuesday.
The agency said measures to carefully cross-check actual prices of products sold abroad with claims made by importers who bring these goods into the country, resulted in more duties being collected.
The prices checked were for flowers, pickled radishes, dried pollack, eel, small octopuses, spoon worms and other processed goods that were undermining the local production base and hurting farmers, fishermen and food producers.
In the past, importers tended to mark down product prices so as to pay less duty. This move also allowed imported goods to enjoy some price competitiveness vis-a-vis local products.
The KCS said measures introduced starting in mid-2012, with coverage being expanded in 2013 and early last year, involve notifying importers that it was examining overseas prices on a real time basis, and compelling them to declare goods based on market prices.
"This naturally encouraged voluntary, honest reporting, and in the case of flowers, the government collected some 1.9 billion won in taxes last year, compared to the year before," a customs official said.
The services then said with importers paying more duties, they were forced to ask for higher retail prices that allowed local farmers and fisherman to regain price competitiveness.
It said such developments are estimated to have led to 41.7 billion won in extra sales for local producers last year. Sales of locally grown chrysanthemum alone shot up by about 9 billion won. (Yonhap)
The agency said measures to carefully cross-check actual prices of products sold abroad with claims made by importers who bring these goods into the country, resulted in more duties being collected.
The prices checked were for flowers, pickled radishes, dried pollack, eel, small octopuses, spoon worms and other processed goods that were undermining the local production base and hurting farmers, fishermen and food producers.
In the past, importers tended to mark down product prices so as to pay less duty. This move also allowed imported goods to enjoy some price competitiveness vis-a-vis local products.
The KCS said measures introduced starting in mid-2012, with coverage being expanded in 2013 and early last year, involve notifying importers that it was examining overseas prices on a real time basis, and compelling them to declare goods based on market prices.
"This naturally encouraged voluntary, honest reporting, and in the case of flowers, the government collected some 1.9 billion won in taxes last year, compared to the year before," a customs official said.
The services then said with importers paying more duties, they were forced to ask for higher retail prices that allowed local farmers and fisherman to regain price competitiveness.
It said such developments are estimated to have led to 41.7 billion won in extra sales for local producers last year. Sales of locally grown chrysanthemum alone shot up by about 9 billion won. (Yonhap)
