Determination of Customs Value;
- CIF price (the price of the car + insurance fee + freight rates)
Taxes imposed on the Car;
1) customs duty : the Value x 8%
2) special consumption tax : (the Value + customs duty) x 7~14% depends on the engine
3) education tax : 3) x 30%
4) VAT : (the Value + 1 + 2 +3) x 10%
5) Sum : 1) + 2) + 3) + 4)
Korea Customs http://www.customs.go.kr/
KOTSA http://www.kotsa.or.kr/
Korean Embassy
http://www.mofat.go.kr/ek/ek_a001/ek_jpjp/ek_02.jsp