December 21, 2005 in Social Responsibility News

Follow-up Disclosure Regarding 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). According to its new classification, the customs authorities imposed on Samsung Electronics retroactive tariffs of KRW 156.4 billion in June 2004 and additional KRW 1 billion in June 2005 for its MCP imports for the two years prior to the new classification.

In response to the retroactive tariffs collection, Samsung Electronics filed a complaint with the Taxation Review Board. The Taxation Review Board has yet to make a ruling although the Board deliberated on the case on September 12, 2005.

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

※ The above disclosure is a follow up to the June 24th disclosure.


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