MFDS "Cosmetics Companies' Fine Payment Deadline Extended by 1 Year, Installment Payment in 3 Parts Allowed"

[Asia Economy Reporter Seo So-jeong] Cosmetic companies facing difficult business conditions due to the novel coronavirus infection (COVID-19) will be allowed to extend the deadline for paying fines to within one year and pay in up to three installments.

The Ministry of Food and Drug Safety (Commissioner Kim Gang-lip) announced on the 8th that it has given prior notice of a revision to the Enforcement Decree of the Cosmetics Act, which allows fines to be paid in installments or the payment deadline to be extended if it is recognized that it is difficult to pay the fine at once due to deteriorating business conditions or other reasons.

Under the current Cosmetics Act, fines of up to 1 billion KRW are imposed considering the type and degree of violation and the scale of the company's performance.

From now on, if the fine to be paid is 1 million KRW or more, and it is recognized that it is difficult to pay at once due to ▲property damage caused by natural disasters or accidents ▲serious crisis due to deteriorating business conditions ▲significant financial difficulties, an application for installment payment or extension of the payment deadline can be submitted up to 10 days before the payment deadline.

The Ministry of Food and Drug Safety said, "We expect that this revision will alleviate the industry's burden of paying fines in times of crisis," and added, "We will continue to rationally improve regulations in the cosmetics sector."

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