Ministry of Industry announces 60 tariff items allocated in 2021.. Supports KRW 400 billion per year
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The Ministry of Trade, Industry and Energy has applied quota tariffs on 60 items under its jurisdiction, including hydrogen vehicles, from the 1st.
The Ministry of Trade, Industry and Energy announced on the 3rd that the quota tariff will be applied to 60 items under the Ministry of Industry from January 1 of this year to strengthen competitiveness in new industries such as hydrogen vehicles and secondary batteries and key industries.
The quota tariff is to apply a low tax rate of 0-4% instead of the basic tax rate of 3-8% to items that need price stability, such as strengthening industrial competitiveness and soaring import prices.
The Ministry of Industry increased the quota tariff items from 49 items last year to 11 new items such as core materials in the field of hydrogen cars and secondary batteries this year, and expanded them to 60 items. The quota duty is applied until the end of this year. However, it was decided to apply natural gas (LNG) only for six months (January-March, October-December) during the winter season when prices increase due to increased demand for heating.
Looking at major items, the tariff rate is reduced to 0% for 31 items for fostering new industries such as hydrogen cars, secondary batteries, and new and renewable energy. In the case of hydrogen cars, five items including drawers, 20 items such as artificial graphite for secondary batteries, and quartz glass substrates for semiconductors are typical.
In the case of five new items, five are coating machines and drawers required for the production of hydrogen vehicle fuel cells, nickel cobalt manganese materials for manufacturing secondary battery cathode materials, platinum catalysts, essential raw materials for hydrogen fuel cells for power generation, and raw materials for polymer blending, a raw material for flexible displays. . The remaining 26 items will continue to be applied.
The tariff rate is cut to 0~4% for 21 items aimed at strengthening the competitiveness of the main business, such as auto, steel, fiber, and optics. The existing 17 items continued to be assigned tariffs and added four items. These include rhodium, palladium, which are catalysts for reducing automobile exhaust gas, ferro titanium for the production of high value-added steels such as aviation, and polyethylene, a raw material for lenses for mobile phones.
Companies importing goods subject to quota tariffs can report goods without limit quantities by attaching an application for quota tariffs to Unipass (on-line system of the Korea Customs Service). For items subject to import quantity restrictions, you can apply for and issue a recommendation letter online to a recommending agency, and then file an import declaration with an application for quota duty and a recommendation letter attached to Unipass.
An official from the Ministry of Industry said, “Through this quota tariff support, we expect to alleviate the management burden of the industry, such as the effect of tariff support of about 400 billion won per year.” “Developing new materials, parts and equipment industries, recovering vitality of key industries, and converting hydrogen economy We are looking forward to accelerating,” he said.
[email protected] Reporter Lee Hwan-ju
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