(1) If goods prescribed by Ordinance of the Ministry of Economy and Finance which are usable for a long period have been imported for a temporary use in Korea under a lease contract or in connection with the effectuation of a work contract and such goods are re-exported within two years from the date on which an import declaration thereon was accepted (referring to a period fixed by the head of a customs office according to the standards prescribed by Presidential Decree within four years, with respect to goods prescribed by Ordinance of the Ministry of Economy and Finance ,whose long-term uses are unavoidable and whose approval was granted by the head of a customs office before they were imported), customs duties on such goods may be reduced according to the following classifications: Provided, That customs duties on goods imported under a treaty, convention, etc. concluded with a foreign country shall be exempted according to mutual terms and conditions stipulated in such treaty, convention, etc.: <Amended on Dec. 22, 2020>1. 85/100 of the amount of customs duties on the relevant goods where the period of re-export is six months or less;2. 70/100 of the amount of customs duties on the relevant goods where the period of re-export is more than six months but not exceeding one year;3. 55/100 of the amount of customs duties on the relevant goods where the period of re-export is more than one year, but two years or less;4. 40/100 of the amount of customs duties on the relevant goods where the period of re-export is more than two years but not exceeding three years;5. 30/100 of the amount of customs duties on the relevant goods where the period of re-export is more than three years but not exceeding four years.
(2) Article 97 (2) through (4) shall apply mutatis mutandis to any goods on which customs duties are reduced or exempted in accordance with paragraph (1).[This Article Wholly Amended on Dec. 30, 2010][Title Amended on Dec. 22, 2020]