Seoul: Customs authorities said Monday they have uncovered 19 companies accused of evading anti-dumping duties worth a combined 42.8 billion won (US$30.8 million) while importing low-priced hot-rolled steel plates.
According to Yonhap News Agency, the companies allegedly avoided paying duties by declaring their goods under product codes not subject to anti-dumping duties. Some of these firms reportedly used the names of suppliers eligible for lower tariff rates without authorization, which is a clear violation of trade regulations.
The Korea Customs Service announced that it plans to recover the evaded taxes and may pursue criminal investigations in cases deemed serious. Anti-dumping duties are typically imposed on imported goods priced below fair market value, which are considered to harm domestic industries. These duties serve to bridge the price gap and protect local businesses from unfair competition by ensuring a level playing field.
The uncovering of these evasions underscores the importance of stringent customs regulations and the need for continuous monitoring to protect domestic markets from unfair pricing practices. The Korea Customs Service’s proactive measures aim to enforce compliance and uphold the integrity of the nation’s trade policies.