Glossary of importing from Korea
The terms that come up in the quote, in the paperwork and in conversation with an importer — explained briefly.
- Duty
A tax on goods imported from a country outside the European Union. On a car from South Korea, duty is charged on the price of the car plus freight and insurance up to the EU border, not on the purchase price alone.
More on this- VAT on import
Value added tax charged at customs clearance. Its base includes the price of the car, the freight, the insurance and the duty already charged — so VAT is paid on the duty as well.
More on this- VIN (chassis number)
A unique 17-character identifier for a specific car, encoding the manufacturer, the model, the engine, the model year and the plant. The car's insurance and service history are pulled against it.
More on this- Model year
The year of the model, encoded in the chassis number. It does not necessarily match the year of first registration, which is what usually appears in the listing — the difference is often a year.
More on this- Insurance record
An extract from the Korean central registers against the chassis number, showing registered damage, insurance claims, changes of ownership and recorded mileage. It does not capture repairs paid for in cash without a claim.
More on this- Condition report
An inspection document for a specific car describing paint, panels, tyres, interior and defects as at the time of inspection. It describes the car as it is today, unlike the history, which describes its past.
More on this- De-registration
Striking the car off the Korean register before export. Without it the export declaration cannot be drawn up and the car cannot legally leave the country.
More on this- Export declaration
The document declaring the car for export from South Korea. It travels with the car and is among the documents Bulgarian customs require on import.
More on this- Customs declaration
The document filed with Bulgarian customs when the car arrives. Duty and VAT are assessed and paid on the basis of it.
More on this- Bringing into compliance
The changes a car built for another market needs in order to meet European requirements before registration. Exactly what is needed depends on the model and the year.
More on this- RoRo
A method of sea transport (roll-on/roll-off) in which the car is driven on and off the ship under its own power and travels lashed on deck. Usually cheaper than a container for a single car, and it takes the car empty.
More on this- State of health (SoH)
How much of the original capacity the high-voltage battery in an electric or hybrid car still holds, as a percentage of the original capacity. It is read with diagnostics and is not inferred from mileage.
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