6th Jul 2006 07:00
Samsung Electronics Co. Ld06 July 2006 Follow-up Disclosure Regarding Retroactive Customs Duty Collection In June 2004, the Korea Customs Service decided to group Multi Chip Packages(MCPs) in the commodity section of Other Electronic Equipment (tariff rate of8%) instead of IC (no tariffs). According to its new classification, the customsauthorities levied on Samsung Electronics retroactive tariffs of KRW 156.4billion in June 2004 and additional KRW 0.9 billion in June 2005 for its MCPimports for the two years prior to the new classification. In response to the retroactive tariffs collection, Samsung Electronics filed acomplaint with the National Tax Tribunal. The National Tax Tribunal ruled onJune 30, 2006 that out of KRW 157.3 billion in retroactive tariff (including KRW119.2 billion in tariff, KRW 11.9 billion in VAT and KRW 26.2 billion insurtax), the imposition of the surtax was inappropriate. Accordingly, Samsung Electronics will take necessary steps to get the refund ofKRW 26.2 billion in surtax which it already paid. * The above disclosure is a follow up to the June 24 of 2004 disclosure. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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