Korea Trade Network "Supporting Financial and Tax Benefits for the Ship Supplies Industry"

Opening of Export Performance Certificate Issuance Service

[Asia Economy Reporter Jin-ho Kim] From now on, companies supplying ship supplies to foreign vessels will be able to have their delivery performance recognized as export performance and receive the benefits of "financial and tax" incentives provided to export companies.

Korea Trade Network (KTNET) announced on the 17th that it will launch a purchase confirmation issuance and export performance verification certificate service for ship supply companies. This is a follow-up measure following the Ministry of Trade, Industry and Energy’s announcement of the "Improvement Plan for Recognition System of Export Performance for Ship Supplies" at the Expanded Trade Strategy Adjustment Meeting in October last year.

Ship supplies refer to daily necessities or accessories necessary for ship operation. However, although ship supplies provided to foreign vessels are similar to exports, they have not been recognized as export performance until now, leaving them excluded from various support policies provided to export companies.

With the full operation of the export performance verification certificate issuance system, ship supply companies will be able to receive direct export performance recognition from the Korea International Trade Association. Ship supply suppliers who provide goods to ship supply companies can receive purchase confirmation certificates through KTNET and have their indirect export performance recognized.

With this measure, ship supply suppliers will be able to use the export performance verification certificate to receive various export support benefits such as trade finance, trade insurance, customs duty refunds, zero-rated VAT benefits, and export performance recognition for Trade Day awards.

Cha Young-hwan, CEO of Korea Trade Network, said, "Recognition of export performance for ship supply delivery has been a long-standing wish of the ship supply industry," and added, "We plan to continuously improve the service so that ship supply companies can conveniently receive purchase confirmation issuance and indirect export performance recognition."

Meanwhile, Korea Trade Network held a "Briefing Session for the Ship Supply Industry" jointly with the Korea International Trade Association, Busan Port Industry Federation, Busan Technopark, and M2Korea on the same day. The event was held with the participation of organizations and companies related to ship supplies.

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