(1) With respect to goods whose customs duties (excluding additional duties under Articles 97 (4) and 98 (2)) have been reduced or exempted, or permitted to be paid in installments in accordance with this Act, other statutes or regulations, a treaty, a convention, etc. as prescribed by the Commissioner of the Korea Customs Service within the limit prescribed by Presidential Decree, the head of a customs office may, when deemed necessary, require provision of securities equivalent to the amount of such customs duties reduced or exempted or the amount of such customs duties paid in installments at the time such goods are imported.
(2) A person who has obtained approval for the application of specific-use tariff rates, the reduction or exemption of customs duties or the installment payment of customs duties in accordance with this Act, other Acts, a treaty, a convention, etc. shall present documents necessary to verify the fulfillment of the relevant terms to the head of a customs office, as prescribed by Presidential Decree.
(3) The Commissioner of the Korea Customs Service may, if necessary to verify the fulfillment of the terms prescribed in paragraph (2), entrust affairs concerning the post management of the relevant goods to the competent Minister, as prescribed by Presidential Decree, and the competent Minister may, if necessary for the post management of goods, re-delegate or re-entrust such entrusted affairs to related institutions, corporations, organizations, etc. <Amended on Dec. 31, 2019>
(4) In the application of this Act, when any goods to which specific-use tariff rates have been applied or on which customs duties have been reduced or exempted are exported upon approval from the head of a customs office, such goods shall not be deemed used for other purpose and their post management shall be terminated: Provided, That if goods to which specific-use tariff rates have been applied or on which customs duties have been reduced or exempted are re-imported after having been exported for the purpose of processing or repairing them or after having been exported for the purpose of overseas testing and research, and customs duties thereon are reduced or exempted pursuant to subparagraph 3 of Article 99 or Article 101 (1) 2 when they are re-imported, the post management thereof shall continue.[This Article Wholly Amended on Dec. 30, 2010]