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Upon receiving import declaration, the Person shall implement his duty during the following period:
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Two years for foreign currency acquisition
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One year for supply in Korea including transfer
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The agreed period in case the shipping takes more than 2 years
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10 years for raw materials for repair and maintenance of machinery of which the export is completed (HS 84-90)
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Extension of implementation period of foreign currency acquisition
In case the implementation is impossible within a specified period, the period can be extended with the authorization of a mayor and a provincial governor. A person who wants to apply for the extension should submit an application together with documents showing the reasons to a mayor or and a provincial governor. The mayor or provincial governor can extend the period up to one year for the following reasons: |
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Case where manufacturing takes long time
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Case where manufacturing on commission is delayed due to bankruptcy of the manufacturer, etc.
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Cancellation of L/C or export contract without any serious fault of the Person
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Case where raw materials for repair and maintenance of goods which completed foreign currency acquisition require long storage
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Other unavoidable circumstances
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