Kia Seltos.
One of the models whose release from customs was delayed (Photo: Ronan Topelberg)
The problem that stopped the delivery of new Korean cars to customers has been resolved: Finance Minister Avigdor Lieberman today signed the decree canceling the customs duty on products imported from South Korea, including cars, electrical products, industrial products and more.
The order was signed following the entry into force of the free trade agreement signed between Israel and South Korea and ratified by the Israeli government on March 17, 2022.
In the case of cars manufactured in South Korea, this is the cancellation of a 7% customs duty, a small part of the total high taxes imposed in Israel on a new vehicle , and include purchase tax at a rate of 83% and VAT at a rate of 17%, which is charged on the price of the vehicle including purchase tax and the cost of transporting it to Israel.
Considering purchasing a Korean? We have already taken it to a comparative test:
Kia Picanto vs Hyundai i10, Chevrolet Spark and Renault Twingo
Chevrolet Trail Blazer.
Non-Korean brands are also produced in Korea (Photo: Keinan Cohen)
Korean?
Also from Turkey, Czech Republic, Slovakia and India
The order was supposed to go into effect on the 1st of the month, last Thursday.
The fact that it was not signed delayed the customs clearance of cars made in South Korea, and their delivery to customers.
Only from tomorrow the Korean importers will begin to release cars from customs, and prepare them for delivery to customers.
The delay, it's worth noting, will only apply to cars manufactured in Korea, such as the Kia Picanto, Stonic, Seltos, Niro, and EV6, Hyundai Elantra, Sonata and Santa Fe, Chevrolet Trail Blazer, and Genesis models.
On the other hand, he did not delay customs clearance of Korean cars that are not produced in the country, such as the Hyundai i10 and i20 that come from Turkey, the Accent that comes from India, the Tucson that comes from the Czech Republic and the Kia Cid, Exide and Sportage that are produced in Slovakia, which are not affected by the agreement.
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Avigdor Lieberman
