Question 1

What is the import duty rate for Passenger Cars in South Korea?

Accepted Answer

The MFN (Most Favoured Nation) import duty rate for Passenger Cars (HS 8703) in South Korea is 8% on the CIF value. MFN 8% on passenger vehicles. 0% under KORUS (US) and Korea–EU FTA.

Question 2

Is VAT charged on Passenger Cars imports to South Korea?

Accepted Answer

Yes. South Korea charges VAT at 10% on the CIF value plus any import duty. This applies to virtually all commercial imports.

Question 3

Are there FTA rates available for Passenger Cars in South Korea?

Accepted Answer

Yes. KORUS/Korea–EU: 0%. KORUS (US), Korea–EU FTA, Korea–UK FTA, RCEP, Korea–ASEAN FTA, Korea–China FTA (CKFTA) are the key agreements — verify origin requirements with your customs broker.

Question 4

How is import duty calculated for Passenger Cars entering South Korea?

Accepted Answer

Duty is calculated on the CIF value of the goods. CIF value includes the product cost, international freight, and insurance. The MFN duty of 8% is applied to this value. VAT (10%) is then applied on the CIF value plus duty.

South Korea Import Duty Rate for Passenger Cars

How duty is calculated

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Passenger Cars duty rates in other markets