Lede: Incheon Airport Regional Customs on the 29th warned that the combined 8% customs duty and 10% value‑added tax on gold bars imported via overseas direct purchase can equal or exceed the 15–20% domestic “geumchi” premium, turning apparent cross‑border savings into a net loss for investors and gift buyers. Buyers drawn to the vitreous luster and substantial heft of bullion must now factor taxes into the landed price before purchase.
- Fast Facts
- Combined tax: 18% (8% customs duty + 10% VAT)
- Domestic premium: ~15–20% above international spot
- Typical purity: 24K investment bars / government coins treated separately
- Notice issued: 29th (Incheon Airport Regional Customs)
Context
Customs data through the end of November show a sharp rise in overseas direct purchases: processed gold and silver imports via Incheon Airport reached 1,086 cases ($8.93m), a 202% volume increase year‑on‑year, while investment coins climbed to 4,084 cases ($28.01m). The surge correlates with record bullion prices and a domestic retail price gap—locally dubbed the “geumchi premium.”
In 2025 the bullion market has been shaped by two durable trends relevant to cross‑border buying: tighter regulatory scrutiny of e‑commerce and a premium on provenance and traceability. Customs enforcement is increasingly focused on accurate classification (processed bars versus government coins), and that classification dictates whether a shipment incurs an 8% duty in addition to VAT. Government‑issued coins may avoid customs duty but still face a VAT assessed on raw‑material market value.
Why US Retailers and Investors Should Care
For US retailers and private investors, the headline is operational: never assume sticker price abroad equals savings. Key implications:
- Reprice with landed cost. Build taxes, brokerage and potential currency swings into procurement models rather than relying on headline international quotes.
- Product selection matters. Government‑issued sovereign coins often carry different duty treatment than processed bars; their lower duty exposure can preserve margin.
- Customer advisory is a service. Educate buyers on total cost and customs risk to avoid reputational damage from surprise fees at clearance.
- Inventory strategy. Where domestic premiums persist, consider offering certified, traceable stock that justifies local pricing through provenance, instant availability and after‑sales services.
Practical Checklist Before Buying Abroad
1) Confirm classification: processed bar vs. sovereign coin. 2) Request a landed‑cost estimate from the seller including all duties. 3) Check local VAT/duty rules for your jurisdiction. 4) Consider bonded storage or insured international vaulting to defer customs when appropriate.
Bottom Line
Incheon’s advisory reframes the decision to buy bullion overseas as a tax and logistics calculation rather than a simple price comparison. For investors attracted to the tactile certainty of physical gold, the prudent move is a complete landed‑cost analysis and clearer provenance documentation—steps that protect capital and client trust in a market where a few percentage points materially alter returns.
Park Heon, head of Incheon Airport Regional Customs, cautioned that year‑end gift and investment purchases will likely rise and urged consumers to verify tax rates for each product before importing to avoid surprises at customs.
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Image Referance: https://www.chosun.com/english/market-money-en/2025/12/29/2MS6I4SHOBEILGRUO6CYQ4BKVM/