Customs Service Reports to Transition Committee on "Blocking Inflow of Foreign Real Estate Speculation Funds"

President-elect Yoon Suk-yeol is leaving the transition committee office set up at the Financial Supervisory Service Training Institute in Tongui-dong, Seoul, on the 28th./Photo by Transition Committee Press Corps

On the 28th, the Korea Customs Service reported to the Presidential Transition Committee that it plans to block the inflow of foreign speculative funds into domestic real estate and improve the system so that import declarations are automatically made when purchasing directly from overseas.

The Transition Committee stated that it received this report during the Customs Service's briefing held at the Transition Committee office in Tongui-dong, Jongno-gu, Seoul on the same day.

The briefing proceeded in the order of reviewing urgent issues and risk response plans in the customs administration field, followed by examining national tasks to be promoted by the new government in connection with President-elect Yoon Seok-yeol's pledges.

The Korea Customs Service reported to the Transition Committee that it would consider measures to block the inflow of foreign speculative funds into domestic real estate.

It also explained that it would work on securing tax revenue to support government finances, supporting responses to global supply chain risks, and resolving overseas customs and non-tariff barriers.

The Transition Committee members who received the briefing requested, "Since the Customs Service is a ministry with many points of contact with the public, please pay attention to tasks that have a high level of public awareness."

In response, the Customs Service replied, "We will actively discover practical tasks, such as improving the customs clearance system to ensure automatic import declarations when purchasing directly from overseas."

In addition, discussions were held on artificial intelligence (AI) and big data technologies for realizing a digital platform government, as well as building a digital customs clearance platform that citizens can use easily and conveniently.

The Transition Committee stated, "Based on the briefing content, we plan to select national tasks reflecting the President-elect's governance philosophy and pledges through close discussions with the Customs Service and related agencies, and to develop plans for pledge implementation."

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