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Cover Story South Korea Dropping Developing Country Status
Pros
and Cons on Decisions
South Korea self-designated developing country status to
drop as U.S. President Trump put pressure on the World Trade Organization (WTO)
to change how it designates developing countries mainly targeting China, who is
currently engaged in a trade war.
FTA News Regional Comprehensive Economic
Partnership(RCEP) Agreed with 15 Countries Including South Korea
RCEP
Could be World’s Biggest Trade Pact
On November 4th in Bangkok, Regional
Comprehensive Economic Partnership (RCEP) is agreed to be signed among 15
countries, 10 ASEAN countries with Korea, China, Japan, Australia, New Zealand,
and India will be encouraged to join the deal. The RCEP negotiations were launched
in May 2013 and expected to be completed by 2020. The trade deal will span 48%
of the global population, and 32% of global GDP.
Voice
From the Field How to be Successful in
Fin-Tech Industry
Learning
from World First
Fin-Tech, the abbreviation for financial technology, is a
broad category that refers design and delivery of financial services and
products. WorldFirst is a leading international payments business, providing a
range of international banking services to SMEs trading overseas who find it
difficult to access through traditional banks.
Updated Customs Trading Regulation
Revision of Customs Notice on Legislation Progress
Related
Customs Act is on Article 95, Reduction or Exemption of Customs Duties for
Goods, etc. Used to Prevent Environmental Pollution, 1-3 and 1-1.
§
Change of reduction goods subject for duty exempt. §
Extension or the reduction rate for small and medium sized
businesses (SMEs).
Customs
Case Study To Tax or Not to Tax? Unpaid Royalty [Tax Tribunal Case
2019 Customs 0033(2019.08.13)]
Background
Company A agreed
to pay licensor 1% of net sales as royalty but only made actual payment from
2013 to 2015, then accounted as cost of goods sold or account payable from
2016, where they did not report to Customs as paid royalty. Customs still
imposed duty on this unpaid royalty as well as accounted related tax for late
payment.
Inside
Vietnam Vietnam Updates in October
Prohibited & Restricted Imports on
Used Information Technology Product
Vietnam
Customs regulates imports to prohibit or restrict according to 69/2018/ND-CP,
which includes import ban of information technology product. From October 9,
2019, newly updated list, 31/2019/QD-TTg, has been released giving exception on
import ban on IT products.
SHINHAN
News SHINHAN to be
the First Customs Service Firm in
Vietnam!
SHINHAN Customs Service Inc., HQ
in Gangnam-Gu, Seoul, Korea, established corporation in Hanoi, Vietnam, and
officially launched customs consulting service business in Vietnam.
For many years, Korea has been
the top leading county investing to Vietnam. As of today, about 6,000 Korean
companies are operating business in Vietnam.
The trade volume is increasing every year as well. In 2018 the trade
volume increased by 7% reaching 68.2 billion USD. Vietnam is Korea's third
largest exporter and the seventh largest importing country.
In SHINHAN Vietnam Corporation,
our Customs Consultant specialized in Vietnam Customs and Trading provides
consultations on Vietnam Customs Audit, Customs Inventory Liquidation, FTA
Origin Management, HS Classification, Customs & Trading in Vietnam, and
Litigations.
SHINHAN’s CEO Grace Chang
mentioned, “As the first Korean customs service firm established in Vietnam,
and the first one to be providing customs consulting service in Vietnam, we
will do our best to provide the best services to companies establishing
businesses in Vietnam.
If you have any
questions? esyoon@shcs.kr
Please find details on our website
in here. http://blog.naver.com/shinhan22
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