If a price denominated in a foreign currency is converted into the domestic currency to determine its customs value, the Commissioner of the Korea Customs Service shall determine an exchange rate thereof by averaging a basic exchange rate or an arbitrage exchange rate of the week preceding the day pursuant to Article 17 falls (referring to the date on which an import declaration is filed in cases of goods shipped into a bonded construction work site). <Amended on Sep. 15, 2022>[This Article Wholly Amended on Dec. 30, 2010]
Laws › Customs Act › SECTION 1 Common Provisions
Customs Act — Article 18 (Foreign Exchange Rate for Taxation)
관세법 제18조
This English translation is based on the Korean text effective 2023-06-05. The Korean law has since been amended (current version effective 2026-10-02) — check the Korean original.
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