June 24, 2004

Disclosure on inquiry regarding an article (not final)

Regarding an inquiry on a report of Korea Customs Service's (KCS) levy of KRW 150 bill. on Samsung Electronics

Details:
- Although Samsung Electronics and other importers have not been levied on MCP (Multi-Chip Package), KCS has decided to classify MCP as HS 8543 (other electronic devices, tax rate 8%) in lieu of IC (integrated circuits) based on WCO's (World customs organization) recent decision to start classifying MCP as IC from 2007 – from KCS Product Classification Committee's decision
- As a result, KCS will levy tax in the amount KRW 149.6 bill. on Samsung Electronics’ recent 2 years of MCP imports, and Samsung Electronics will pay the tax within 15 days of notice (of the KW 149.6 bill, reimbursement is possible on the export portion following the payment)
- Independent from the tax payment, Samsung Electronics is also reviewing possible actions, including filing an appeal to the KCS Review Committee or International Court, regarding the government’s decision to retroactively levy tax on matters related to the previous two years. Samsung Electronics will post any updates on the progress.
- Doh-Seok Choi, President (Corporate executive staff division)


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