(1) In any of the following cases, customs duties may be assessed at the rate obtained by deducting a rate within the limit of 40/100 from the basic tariff rate. In such cases, the volume may be limited where it is deemed necessary:
1. Where it is necessary to facilitate the import of specific goods in order to ensure the smooth supply and demand of goods or bolster the industrial competitiveness;
2. Where it is necessary to stabilize the domestic prices of goods, the import price of which sharply has risen, and other goods manufactured using such goods as their raw material;
3. Where it is necessary to correct widely uneven tariff rates among similar goods.
(2) If necessary to control the import of specific goods, customs duties may be assessed on such specific goods by aggregating the rate within the limit of 40/100 to the basic tariff rate: Provided, That with respect to agricultural, forest, livestock and marine products, customs duties may be assessed thereon within the limit of the rate added with a rate equivalent to the difference between domestic and foreign prices of the same, similar or alternative products.
(3) Goods subject to the assessment of the customs duties provided for in paragraphs (1) and (2), volumes, rates, period of application, etc. shall be prescribed by Presidential Decree.
(4) The Ministry of Economy and Finance shall report to the competent standing committee of the National Assembly the record of customs duties assessed in the previous year and the result thereof (including a report on examination and analysis of effect, etc. of assessment of customs duties) provided for in paragraphs (1) through (3) within five months after the closing of each fiscal year. <Newly Inserted on Dec. 31, 2011; Jan. 1, 2014>[This Article Wholly Amended on Dec. 30, 2010]