South Korean Posco VST’s top-quality stainless steel cold-rolled products has had its customs priority suspended.
|Posco VST’s top-quality stainless steel cold-rolled products has been suspended priority business application. Photo: Posco VST website
According to Document No.2446/QD-TCHQ, POSCO VST Co., Ltd. has been suspended from applying to the priority enterprise regime due to its failure to meet the internal control conditions. Specifically, the company sold a quantity of tax-free imported steel in the domestic market without declaring a change in use as required by regulations.
The effectiveness of the decision is from October 3, 2023
Since its establishment in 2009, POSCO VST has been pursuing endless improvements in product quality and developing various types of stainless steel cold rolled products. POSCO VST is located at Road 319B, Nhon Trach 1 Industrial Zone, Nhon Trach district, Dong Nai province.
The Priority Enterprise Programme has been applied in more than 100 countries and many foreign partners know about it. Being recognised by the customs authority as a priority enterprise is one of the competitive advantages of an enterprise compared to other non-priority enterprises in the same industry and business field.
Thus, there are currently 72 enterprises nationwide that are applying the priority enterprise regime.
The benefits afforded under the priority treatment programme, include exemption from examination of supplementary customs documentation; exemption from physical inspection of goods; ability to submit incomplete customs declarations; and prioritised access when carrying out tax procedures for goods in accordance with the Law on Taxation.
It should be noted that within 30 days from the registration of incomplete customs declarations or the submission of documentary evidence in substitution of customs declarations, customs declarants will be required to submit complete customs declarations.
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