(1) Authority to collect customs duties shall be extinguished by prescription unless it is exercised for the period classified as follows from the date on which such authority is granted: <Amended on Dec. 23, 2014>
1. Customs duties exceeding 500 million won (including internal taxes; hereafter the same shall apply in this paragraph): Ten years;
2. Customs duties other than those set forth in subparagraph 1: Five years.
(2) The right to claim the refund of customs duties overpaid or erroneously paid by a duty payer or other customs duties shall be extinguished by prescription unless it is exercised for five years from the date on which such right is granted.
(3) The date on which authority to collect customs duties referred to in paragraph (1) and the right to claim the refund of customs duties overpaid or erroneously paid or other customs duties referred to in paragraph (2) may be exercised, shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]