How should I indicate the price on the commercial invoice when importing used goods into Korea? Released

The information on the determination of the taxable value of used goods by the Customs Service is as follows.

Used goods are not subject to duty-free import goods and are not goods sold for export to our country, so the taxable value cannot be determined according to Article 30 of the Customs Act. Therefore, the taxable value must be determined sequentially according to Articles 31 to 35 of the Customs Act. If there is no import record or domestic sales price of identical or similar goods, and the taxable value cannot be determined according to Articles 31 to 34 of the Customs Act, Article 35 of the Customs Act and Article 7-5 of the Enforcement Rules of the Customs Act must be applied.

* Article 7-5 of the Enforcement Rules of the Customs Act

1. Appraisal price by an appraisal agency according to relevant laws

2. Price calculated by applying the market reverse calculation rate to the domestic wholesale price

3. Price after deducting the value depreciation based on the taxable value at the time of import of new or used goods traded domestically

4. Other reasonable prices recognized as valid by the customs officer

The method called the first method cannot be accepted as it is, so the taxable value is determined by methods 2 to 6, and if there is no domestic sales price, one of the calculation methods listed in the above enforcement rules is applied.

Therefore, when bringing in used goods, you cannot mark the invoice price as 0 won just because it is free, and even if a specific price is indicated, it needs to be determined whether the price is appropriately set based on the method determined by methods 2 to 6.

And it is important to prepare the basis for determining the indicated price.

In particular, check if there is an import price of identical or similar goods sold on the market, and if not, use the calculation method of the enforcement rules. If you prepare the calculation basis well, it will provide sufficient explanation during the future import review process.