Korea, Republic of (ROK) - Customs and duties
In 2000, Korea had an average tariff of 7.9%. However, tariffs remain high on a number of agricultural and fishery products, at 30% to 100%. Korea plans to further reduce tariffs in the future. Other import taxes include a value-added tax of 10% and excise taxes ranging from 15% to 100%. The special excise tax on consumer electronic goods and automobiles was cut by 30% in 1998. There were 57 items subject to quotas and 29 items subject to excise tariffs in 1999. The Information Technology Agreement (ITA) dropped most IT tariffs by 2000, with the remainder to be phased out by 2004.