June 22, 2005 in Social Responsibility News

Response to Disclosure Inquiry Regarding Media Report on Retroactive Customs Duty Collection

In June 2004, the Korea Customs Service decided to group Multi Chip Packages (MCPs) in the commodity section of “Other Electronic Equipment” (tariffs of 8%) instead of “IC” (no tariffs) based on the World Customs Organization (WCO)’s ruling that it would treat MCP as IC in its tariff classification beginning in 2007. According to its new classification, the customs authorities imposed retroactive tariffs of KRW 156.4 billion on Samsung Electronics for its MCP imports for the past two years.

On December 30, 2004, Samsung Electronics made the payment of the imposed retroactive tariffs, and in January 2005, the company was refunded with KRW 73.4 billion for its MCP exports.

In response to the retroactive tariffs collection, Samsung Electronics filed a complaint with the Seoul Main Customs and Gumi Customs responsible for the tariffs collections, and the Taxation Review Board. The complaints filed with the Seoul Main Customs and Gumi Customs were dismissed on December 17, 2004 while the Taxation Review Board has yet to make a ruling on the case.

Further disclosure will be made once the Taxation Review Board makes its ruling on the case.

* The above information is a follow-up disclosure at the request of the Korea Stock Exchange initially made on June 24, 2004.


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