Question 1

What is the import duty rate for Trucks & Commercial Vehicles in South Korea?

Accepted Answer

The MFN (Most Favoured Nation) import duty rate for Trucks & Commercial Vehicles (HS 8704) in South Korea is 10% on the CIF value. MFN 10% on commercial vehicles.

Question 2

Is VAT charged on Trucks & Commercial Vehicles 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 Trucks & Commercial Vehicles in South Korea?

Accepted Answer

Yes. KORUS: 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 Trucks & Commercial Vehicles 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 10% is applied to this value. VAT (10%) is then applied on the CIF value plus duty.

South Korea Import Duty Rate for Trucks & Commercial Vehicles

How duty is calculated

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Trucks & Commercial Vehicles duty rates in other markets