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Busan Port Container Tax Abolished

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The container tax imposed on all containers handled at Busan Port will be abolished on December 31.

Busan Metropolitan City has imposed a 20,000 won (US$21.56) per TEU container tax since 1992 in order to fund road construction in Busan port.

Considering that the original period to impose the container tax was from 1992 to 2001, the tax should have been scrapped in 2001. However, the local government extended the period to the end of this year despite fierce opposition from port and shipping industries.

With the container tax being scrapped starting January 1 of next year, importers and exporters will expect to see the decrease of logistics cost enhancing cost competitiveness.

Moreover, Busan Port Authority (BPA) said the abolished container tax will contribute to strengthening Busan Port's competitiveness.

 

The source of news : BPA  December 5, 2006