I am importing goods from overseas related parties. What materials must I keep under the Customs Act?

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Hello. I've been continuously pressured for repayment due to a loan from a moneylender, but it's gone beyond simple pressure to verbal abuse, late-night calls, and threats to come to my workplace or home. It's true I have debt, but I don't know if this method is illegal and it's really threatening — I want to know if punishment is possible. I also feel personally unsafe — in this case, how can I receive police reports or other protection measures?

customs act

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作者: 김국일

According to Article 37-4 of the Customs Act, when importing goods from overseas related parties, stricter obligations regarding material retention and submission are imposed compared to general import transactions.

In addition to import declaration documents under Article 12 of the Customs Act, the following materials must be kept and submitted at the time of tax assessment review.

1. Status of cross-shareholding among related parties

2. Calculation details of imported goods' prices and internal pricing decision materials

3. International transaction price policy materials

4. Import contracts and cost-sharing contracts

5. Contracts related to royalties, technology introduction fees, and commissions

6. Advertising and business support contracts

7. Accounting standards and methods

8. Audit reports and annual reports of overseas related parties

9. Overseas payment details and supporting materials

10. Master files and local files under Article 33 of the Enforcement Decree of the "Adjustment of International Taxes Act"

In addition, master files and local files under the Enforcement Decree of the Adjustment of International Taxes Act may also be subject to submission at the time of tax assessment review.

If such materials are not retained or submitted upon the customs office's request, sanctions under the Customs Act may occur.

If declaration documents are not retained in violation of Article 12 of the Customs Act, a fine of up to 20 million won, and even in cases of negligence, a fine of up to 3 million won may be imposed. If declaration certificates are not retained, an administrative fine of up to 1 million won is imposed.

Also, if requested materials are not submitted or false materials are submitted, an administrative fine of up to 100 million won may be imposed, so caution is required.

Since transactions with related parties for imports are likely to lead to tax assessment reviews, it is important to systematically manage the materials required by the Customs Act in advance and check legal risks through advice from a customs specialist attorney.