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[SHINHAN Zoom In Trade OCT]
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Cover Story

South Korea – United Kingdom

Signed Continuity FTA

 

FTA with United Kingdom

 

On August 22, 2019, Republic of Korea (Korea) signed a continuity Free Trade Agreement (FTA) with United Kingdom (UK). In the event of no-deal Brexit on October 31, 2019, this agreement will enter into force, allowing Korea and UK businesses to continue to trade on the same preferential terms under current European Union (EU) - Korea FTA such as following with some changes.

 

 

 

FTA News

South Korea and Israel Declare

Conclusion of FTA

 

South Korea and Israel Declare Conclusion of FTA

 

On August 21, 2019, the conclusion of South Korea – Israel FTA was declared.  The trade volume between two countries is amounted to approximately $2.5 billion, an almost 15% increase over 2017.

 

 

 

Voices From the Fields

Changes in KCS

for Second Half of 2019

 

KCS Announces Changes in Second Half of 2019

 

FTA and Supports on Imports and Exports

- More items are eligible for simplified issuance of FTA CO effective of July 1, 2019.

- KCS responding more quickly (within 15 days) with HS classification up to 6 digit effective

of April 22, 2019.

 

 

 

Updated Customs Trading Regulation
Partial Revision Customs Act

Enforcement Decree

 

Partial Revision on Enforcement Decree of Customs Act Effective from September 24, 2019

 

Partial Revision on Customs Act is made as follows.

- Newly establishing system for simplified audit process on HS classification

(Article 106-6)

- Reflecting changes in classification matters in related customs record after court

decision. (Article 107-2)

 

 

 

Customs Case Study

To Tax or Not to Tax?

Competition Horses for Re-Import

Duty Exemption

 

Background

 

Competition horses were re-imported to Korea after attending competition in Germany. Customs rejected request of importer that duty exemption on this horse under re-import article 99-1. Reasons are as following, to be eligible for duty exemption under re-import articles, 1) horse should have not been used in Germany, 2) Or have been used only according to the contract (for work), 3) horse should have been used in exhibition.

 

 

 

Inside Vietnam

Vietnam Updates in October

 

Companies Eligible for Duty Exempt in Vietnam

 

Vietnam Customs announced No. 134 / 2016 / ND-CP to clarify which companies in Vietnam is eligible for duty exempt or filing refund after export, when importing raw materials for export later.

 

 

 

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