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Cover Story KCS “Error Notification System” May
Discourage Importer and Exporter in Fiduciary Duty
Current Filing Error Notification
System Discourages Post Amendment
KCS has implemented Error Notification
System since October 2005. When filing entries, voluntary confirmation of
accurate information is obliged to the importer and exporter, however in real
cases, most information is finalized after entry is approved.
FTA News South Korea – Central America FTA Set to Take Effect in Oct 2019
South Korea-Central America FTA
effective as of October
South Korea - Central America FTA is
taking effect in October this year, making Korea the first Asian country to
forge a free trade agreement in the following five Central American countries,
Costa Rica, El Salvador, Nicaragua, Honduras and Panama. The trade volume
between South Korea and five Central American is totaled close to $ 4 billion,
and this trade agreement gives Korea advantage to be the first-mover in the
market completing with China, Japan and other Asian rivals.
Voices From the Fields KCS Enforcing Clothing Smugglers and Fake Labeling
KCS-Government Enforcing Replaced
Fake Label in Clothing Until End of October
Lately, KCS has caught the case
clothing exported to China with fake label including false country of origin
information. Such clothes were originally smuggled from China, or purchased in
Korea then replaced label with more expensive brands originating from
Korea. Based on Customs Article 269 - 2, 275 and Trade Article 33 -
4,53 - 2, smuggling and violating country of origin is a serious offence that
can lead to heavy fines.
Updated Customs Trading Regulation Revision Legislation [Ministry of Economy and Finance 2019-138, 2019.7.26.]
Revision of
Partial Customs Act Legislation Effective from January 2020
Partial Revision is made on Customs Act
to supplement current system as follows. - Supporting taxpayer bill of rights reinforcing appealing system. - Expanding scope of duty exemption on re-import goods, scheduled for temporary export.
Customs Case Study To Tax or Not to Tax? Quality Management Cost Paid to Seller
Background
Company B has been importing product from Company A paying Quality
Management Cost, but did not paid duty on this fee. After Customs’
investigation, Company B was told to the fee is dutiable as it is considered as
“processing cost” paid to Company A. Company B disagreed with result and
appealed the case to the court.
SHINHAN
News KCS(Korea
Customs Service) hosting, “YES FTA
2019” with SHINHAN Customs Service
We are inviting export companies planning to utilize FTA to the
following educational seminar free of
charge provided by Korean Customs Service.
■ Location/Time
: Flexible upon request of applicants ■ Registration - Fee is free of charge, materials are included.
Lunch is provided for 6 hours course. - YES FTA Website (http://www.yesftaedu.or.kr) - Registration via phone or e-mail is
available ■ Other
Questions? - SHINHAN Customs Service : 82-2-3448-1181,
fta@shcs.kr - YES FTA Q&A Center : 82-1544-5702,
yesftaedu@origin.or.kr
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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