April 26, 2024

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[THE INVESTOR] LG Display said on March 26 it has won a dispute with the Guangzhou government in China regarding the levying of tariffs on its module production equipment.

The company said the Belgium-based World Customs Organization ruled earlier this month that its module production equipment should not be slapped with tariffs, ending the two-year dispute with Guangzhou.

In 2016, the Guangzhou government announced a plan to impose an 8 percent tariff on LG Display’s LCD module production equipment, claiming the Korean company should pay around 16 billion won (US$14.7 million).

The decision was made unilaterally, as they were categorized as tariff-free previously.

LG Display said it filed an official complaint by cooperating with Korea’s Finance Ministry and customs agency.

“We were able to win the dispute with the support from related government bodies and by preparing detailed documents,” an LG Display official said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)