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Gov't Mulls Tax Support for S. Korean Firms Hit by Japan's Export Curbs

Written: 2019-07-30 10:20:32Updated: 2019-07-30 13:32:58

Gov't Mulls Tax Support for S. Korean Firms Hit by Japan's Export Curbs

Photo : YONHAP News

The government is mulling providing tax support for South Korean importers affected by Japan's export curbs.

The Korea Customs Service issued the position on Tuesday in response to a written inquiry by the parliamentary committee on finance. 

The customs service said that it is considering extending the time for customs payment to up to one year for local companies facing difficulties from the Japanese trade restrictions. 

Such tax support is usually offered for companies hit by natural disasters or suffering from financial difficulties, although they are supposed to pay customs within 15 days after reporting imports.

The customs service is also considering allowing local firms importing items affected by trade restriction to make customs payment in installments.

Meanwhile, the service has set up a task force to cope with Japan's export to collect related data and establish necessary countermeasures.

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