If a foreign national resides in Korea with his/her family for a period exceeding one year, then generally goods such as furniture, electronic appliances and other household equipment can be brought into the country tax-free. However, some items are subject to taxation such as airplanes, automobiles, ships and jewelry, pearls, and ivory valued at more than KRW 1 million per item and brand-new items.

Only one item from following items is subject to tax exemption even if they are used ones.

If ATA Carnet that is imported for exhibition with condition of re-export after specific period is wanted to import, it has to be notified at the relevant customs office and get an approval. In this case, if certain conditions are met for import, the necessary documents need to be submitted before import is permitted.

Even if the raw material for export is imported costless, the duty has to be paid according to tax rate (the same is for import-export trade among affiliates)
However, it is possible to get the paid duty refunded, if the imported raw material is used for the manufacturing of products for export, after the export process is completed, and if the lump-sum payment and posterior payment system are used, payment of duties can be reduced. 

Generally, responsible person for tax payment is the person who imports the items completed import notification and in case of a firm, a firm registered in the certificate of business registration is the obligator to pay the duty. Thus, the foreign invested company established with investment in kind, can be the obligator to pay the duty.
In principle, the certificate of business registration is issued after business establishment (for a corporation). However, if the foreign-invested company makes only investment in kind, the certificate of business registration may be issued before business establishment, and can be used at import clearance. The certificate of business registration has to be obtained before import clearance and then import notification has to be made, in order to receive exemption later on from the value-added tax paid during import clearance. 

If imported money exceeds registered investment in kind (registered investment in kind is US 0.5 million dollar, but US 0.6 million dollar were imported), for the excess amount, it is possible to import as lease, and If transfer of ownership is desired after lease, permission needs to be obtained from the Bank of Korea.
In addition, if the investment in kind is different from the initial notified amount, a change of FDI notification has to be made at a foreign exchange bank or KOTRA. 

According to current regulation of the non-litigation case adjective law, in case of a corporation, it is necessary to submit a report about performance of investment in kind. However, in case of a limited company, ‘a statement that verifies the whole asset purpose of investment in kind has been paid’ has to be submitted. Thus it is not necessary to submit the confirmation of completion of the investment in kind.
In addition, in accordance with Foreign Investment Promotion Act, in case of a foreign investor introduces investment in kind, despite of the Article 229 of the Commercial Law, it is regulated that the Commissioner of Customs needs to see a confirmation of completion of investment in kind that confirms type, quantity and price of the items as a report made by inspector under the regulation of the non-litigation case adjective law. Thus, for a corporation, it is necessary to submit a conformation of completion of investment in kind, but not for a limited company.
Therefore, if a limited company wants to register capital goods that were received from a foreign investor with actual things, certification of import notification can be submitted instead of a conformation of completion of investment in kind. 

In order to export capital goods exempted duty within three years from the day when the import notification is accepted, the approval from the director of the relevant customs office is necessary.
Generally, if the capital goods are not used for the original purpose or disposed, the exempted duty has to be paid. However, if the goods are exported with the approval from the director of customs office, exempted duty dose not need to be paid. 

The capital goods have received duty exemption during import clearance. If they should be disposed of before five years have passed from the date of import notification, a disposal notification of capital goods has to be made in advance at the place of FDI notification.
In this case, it is assumed that the imported capital goods are used for purposes other than notified or disposed, so that the exempted value-added tax, and special excise tax have to be paid. 

In order to receive customs duty exemption, imported items has to be the capitals goods defined in the Article 2.1.8 of the Foreign Investment Promotion Act, but the raw material for producing is not came under the rage. Thus the raw material can not be exempted from customs duties.
However, it is possible to get the paid duty refunded, if the imported raw material is used for the manufacturing of products for export, after the export process is completed. 

In case of a foreign invested company receives a car as investment in kind from a foreign investor, or imports a car with invested fund in order to use it for the business eligible for tax deduction, customs duty can be exempted.