Attorney Jinwoo Rhee, Managing Partner of Kim & Rhee Law Office, and Hanjin Lee, Senior Customs Consultant, were awarded the excellent prize in the Customs Valuation category at the 2024 Customs Valuation and Classification Research Paper Competition.
Their research, titled "Reasonable Customs Valuation Methods for Taxable Goods Manufactured in Bonded Factories," achieved outstanding results through the collaboration of a trade-specialized attorney and a customs expert.
Understanding Bonded Factories
Bonded factories are a type of bonded area where taxation is deferred for specific purposes. These facilities allow the use of both foreign and domestic goods as raw materials for manufacturing and processing.
Given that bonded factories may produce surplus goods during operations or involve multiple stages of transactions before the goods are imported into the domestic market, determining the customs value of such imported goods presents more complex and technical challenges compared to other bonded areas.
To address these challenges, Kim & Rhee Law Office’s Customs and Trade Team conducted research to establish reasonable customs valuation standards applicable to goods processed in bonded factories upon their importation into Korea.
This recognition highlights our expertise in delivering innovative and practical solutions in the fields of customs valuation and trade compliance.