July 04, 2006

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” (tariff rate of 8%) instead of “IC” (no tariffs). According to its new classification, the customs authorities levied on Samsung Electronics retroactive tariffs of KRW 156.4 billion in June 2004 and additional KRW 0.9 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 National Tax Tribunal. The National Tax Tribunal ruled on June 30, 2006 that out of KRW 157.3 billion in retroactive tariff (including KRW 119.2 billion in tariff, KRW 11.9 billion in VAT and KRW 26.2 billion in surtax), the imposition of the surtax was inappropriate.

Accordingly, Samsung Electronics will take necessary steps to get the refund of KRW 26.2 billion in surtax which it already paid.

* The above disclosure is a follow up to the June 24 of 2004 disclosure.


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