Ministry of Economy and Finance to Amend Customs Laws... "Replacing Trade and Customs Terms with Easier Language"

[Asia Economy Reporter Jang Sehee] On the 14th, the Ministry of Economy and Finance announced that it will pursue amendments to the Customs Act to enhance the rights and accessibility of the public and to reflect the changed customs clearance environment.

The current Customs Act has been criticized for using many difficult technical terms related to trade and customs clearance, making it hard for export companies and the general public to understand. A significant portion of the content is operated under the Korea Customs Service's own regulations, highlighting the ongoing need for revision.

Accordingly, the Ministry of Economy and Finance plans to simplify Japanese-style and Sino-Korean expressions in the Customs Act and replace technical terms that are difficult for the public to understand with more familiar and easier terms.

Additionally, terms used in the Customs Act without separate definitions, causing ambiguous meanings, will have new definition clauses added, and terms that may cause misunderstandings about their actual meaning will be replaced with clearer terms.

The revision for easier-to-understand legislation will be drafted through research services involving customs law experts and linguists, and the final draft will be confirmed after consultations and reviews with related agencies such as the Korea Customs Service.

Furthermore, the Ministry will promote step-by-step legislative upgrades to the Customs Act focusing on important matters related to the rights and obligations of the public within the Korea Customs Service regulations.

In addition, notices related to customs valuation, traveler customs clearance, and household goods customs clearance will be thoroughly reviewed, and during the process of preparing the legislative upgrade, the regulatory level of the notices will be rationally redesigned.

Meanwhile, the Ministry of Economy and Finance plans to reflect the Customs Act revision plan in this year's tax law amendment bill and submit it to the regular National Assembly session in September.

This content was produced with the assistance of AI translation services.