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EUCCK"s Annual Report on Korean Commerce

Mar 09,1999
The European Union Chamber of Commerce in Korea(EUCCK) released its 'Annual Commerce Report' on March 9. The report, which analyzes the Korean economic situation, includes sales trends and government regulations on a variety of products including alcohol, automobiles, and pharmaceuticals.
In the financial sector, it stated that foreign banks that are currently subject to Korean auditors' inspections and regulations should have auditing controls transfered to their home countries.
Furthermore, there should be a more exact schedule on auditing and accounting with only a minimum of exceptions.
The report recommends that alcohol must be taxed equally regardless of where it comes from or what kind of alcoholic beverage it is, and that all tariffs on distilled alcohol should be abolished by April 2002.
Korean automobiles are taxed according to a scale determined by a car's displacement or size, but the report suggests the criteria should be altered to a car's fuel efficiency and age.
There should also not be a special inspection and tax investigation on imported cars.
Customs and clearance procedures on imports should be greatly simplified, and a customer claim center should be established.


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