Customs Tariff — C-54.011 49.7
Application of KRT 49.7 (1) Subject to section 24, goods that originate in Korea are entitled to the Korea Tariff rates of customs duty. “A” final rate for KRT (2) If “A” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “KRT” in relation to goods entitled to the Korea Tariff, the Korea Tariff rate of customs duty that applies to those goods is the final rate of “Free”. “F” staging for KRT (3) If “F” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “KRT” in relation to goods entitled to the Korea Tariff, the Korea Tariff rate of customs duty that applies to those goods is the initial rate, reduced as provided in the “F” Staging List. Staging for KRT (4) If “V1”, “V2”, “V3” or “V4” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “KRT” in relation to goods entitled to the Korea Tariff, the Korea Tariff rate of customs duty that applies to those goods is the initial rate, reduced (a) if “V1” is set out, (i) effective on the coming into force of this subsection, to 66.7% of the initial rate, (ii) effective on the day that is one year after the day on which this subsection comes into force, to 33.3% of the initial rate, and (iii) effective on the day that is two years after the day on which this subsection comes into force, to the final rate of “Free”; (b) if “V2” is set out, (i) effective on the coming into force of this subsection, to 80% of the initial rate, (ii) effective on the day that is one year after the day on which this subsection comes into force, to 60% of the initial rate, (iii) effective on the day that is two years after the day on which this subsection comes into force, to 40% of the initial rate, (iv) effective on the day that is three years after the day on which this subsection comes into force, to 20% of the initial rate, and (v) effective on the day that is four years after the day on which this subsection comes into force, to the final rate of “Free”; (c) if “V3” is set out, (i) effective on the coming into force of this subsection, to 90% of the initial rate, (ii) effective on the day that is one year after the day on which this subsection comes into force, to 80% of the initial rate, (iii) effective on the day that is two years after the day on which this subsection comes into force, to 70% of the initial rate, (iv) effective on the day that is three years after the day on which this subsection comes into force, to 60% of the initial rate, (v) effective on the day that is four years after the day on which this subsection comes into force, to 50% of the initial rate, (vi) effective on the day that is five years after the day on which this subsection comes into force, to 40% of the initial rate, (vii) effective on the day that is six years after the day on which this subsection comes into force, to 30% of the initial rate, (viii) effective on the day that is seven years after the day on which this subsection comes into force, to 20% of the initial rate, (ix) effective on the day that is eight years after the day on which this subsection comes into force, to 10% of the initial rate, and (x) effective on the day that is nine years after the day on which this subsection comes into force, to the final rate of “Free”; and (d) if “V4” is set out, (i) effective on the coming into force of this subsection, to 90.9% of the initial rate, (ii) effective on the day that is one year after the day on which this subsection comes into force, to 81.8% of the initial rate, (iii) effective on the day that is two years after the day on which this subsection comes into force, to 72.7% of the initial rate, (iv) effective on the day that is three years after the day on which this subsection comes into force, to 63.6% of the initial rate, (v) effective on the day that is four years after the day on which this subsection comes into forc