Incheon Main Customs "We Help You Recover Remaining Auction Payments"

[Asia Economy Reporter Dongwoo Lee] Incheon Main Customs announced that it will implement the 'Unclaimed Auction Proceeds Balance Recovery' starting from the 30th to support export-import companies and protect taxpayers' rights.

The auction proceeds balance is the remaining amount after deducting the sale cost, customs duties, and various taxes in order from the proceeds of goods sold after the storage period has expired. The consignor can receive this amount by submitting an auction proceeds balance payment application.

To maintain the smooth flow of cargo brought into bonded areas, goods cannot be stored in the bonded area for more than 6 months, and after the storage period expires, the goods are disposed of by auction.

Incheon Main Customs has been continuously notifying consignors of the auction proceeds balance payment application form by mail, but some consignors are unaware or have not applied due to business closure or unknown address, resulting in approximately 500 million KRW worth (682 cases) of auction proceeds balance currently being held.

To help recover the stored auction proceeds balance, Incheon Customs has formed a dedicated team and plans to actively support consignors in finding their auction proceeds balance by verifying their addresses and contact information through related public institutions and internal data, sending notification letters, and providing phone guidance.

For more details, please refer to the Incheon Main Customs website or contact the Incheon Main Customs Audit Information Division for detailed guidance regarding the auction proceeds balance payment application.

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