R&D related imports for reduced customs duties adjusted

The Ministry of Strategy and Finance has adjusted the number of items that may qualify for the 80 percent R&D-related Customs Duties Reduction and these changes will take effect beginning in July. The R&D Related Customs Duties Reduction is aimed at encouraging corporate R&D activities by granting an 80 percent customs duties reduction when corporations with research centers import goods for research purposes.

The number of items that qualify for the customs duties reduction will be reduced from 261 to 220, with 33 items newly added and 74 removed. The adjustment was made to reflect demand changes and FTA tariffs. The government is expecting the adjusted customs duties reduction will help promote corporate R&D activities. New items will include devices necessary for developing semiconductor- or electronic parts-related products, such as digital microscopes, balance machines and flatness inspection.

For full article, see Maeil Business.


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