Seoul, Aug 11
Customs authorities here said on Monday they have uncovered 19 companies accused of evading anti-dumping duties worth a combined 42.8 billion won ($30.8 million) while importing low-priced hot-rolled steel plates.
The companies allegedly avoided paying duties by declaring their goods under product codes not subject to anti-dumping duties, according to the Korea Customs Service.
Some also reportedly used the names of suppliers eligible for lower tariff rates without authorisation. The agency said it plans to recover the evaded taxes and even pursue criminal investigations in case of serious violations, reports news agency.
Anti-dumping duties are imposed when imported goods are priced below fair market value, deemed to cause harm to domestic industries. The duties are levied to bridge the price gap and protect local businesses from unfair competition.
Last month, South Korea's trade watchdog made a preliminary decision to impose anti-dumping tariffs on hot-rolled steel plates from Japan and China after its initial investigation identified potential damage to the domestic industry.