Cover Story    

WTO Finalizes Ruling on Korea’s Anti-Dumping Duties

 on Pneumatic Vales from Japan

WTO Finds No Violations on S.Korea’s Imposition of Anti-Dumping Duty from Japan

On 2015, Korea decided to impost 11.66% ~ 22.77% of anti-dumping duty on pneumatic vales from Japan concerning damages to the domestic industry. Pneumatic vales are essential part of the mechanical movement in the cars, electronics and other machines. Previously, Japanese product were dominating most of the Korean market.

​FTA News​

South Korea and Indonesia to Sign CEPA

Korea and Indonesia Concludes Trade Agreement, CEPA

On October 17, 2019, South Korea and Indonesia concluded negotiations on Comprehensive Economic Partnership Agreement (CEPA), which can become effective through parliamentary ratification in first half of next year of 2020. A CEPA is a trade agreement similar to a FTA (free trade agreement), which Korea and Indonesia is already taking benefits through Korea-ASEAN FTA. With this CEPA agreement, Indonesia will have exclusive relationship with Korea looking forward to building stronger relationship in trading business.

Voice From the Field

Changes KCS Administration

FTA Post Application Filing Will be Available Electronically

Effective of October 10, 2019, filing of FTA post application will be available electronically. Previously, it took over 2 months with paper filing only to file and receive refund for FTA post application. Now all locations of customs is accepting electronical filing, and will take up to one day to approve with submission of three required documents including Certificate of Origin, Shipping Document, and Commercial Invoice.

Updated Customs Trading Regulation
Customs Notice Revision on Drawback

 of Import Raw Material

Revision on Customs Notice Effective from August 1, 2019

- Increasing the exclusion of restriction on the amount of the refunds used by tariff rate.

- Application of Excluding Restrictions on use of refunds by tariff rate before filing drawback.

- Estimation of the proportion of volume by tariff rate according to the FTA post application.

Customs Case Study

Issuance of Corrected Import Tax Invoice

for Royalty Tax Paid After Audit

Background

Overseas company A paid royalty to company B, supplier of Company A located in Korea, according to its Patent License Agreement from June 9, 2012 to June 9, 2017. Later company B had customs audit from June 12, 2017 to July 7, 2017, and customs found company B did not pay duty for its royalty received from Company A. When company B paid duty for the royalty after the audit, they asked to issue corrected import tax invoice for VAT refund, however customs refused to issue the invoice, where company B appealed to the court.

SHINHAN News

SHINHAN Customs Service to Become

 the First Customs Service to enter Vietnam

SHINHAN Customs Service held a ceremony to establish a local corporation in Hanoi, Vietnam, and started work in earnest.

In Vietnam, South Korea has been the No. 1 investor for years, with about 6,000 Korean companies now operating on a large and small scale. In addition, the trade volume between South Korea and Vietnam has been on a steady rise every year, with the trade volume between the two countries growing about 7 percent on-year to $68.2 billion in 2018. Vietnam is South Korea's third-largest exporter and seventh-largest importer.

SHINHAN Customs Vietnam, established in Hanoi, Vietnam, provides Vietnamese tariff review service and advice, tariff inventory management and country of origin management for FTA. In addition, a licensed customs consultant residing in Vietnam directly consults HS CODE and Vietnamese customs, trade and tax disobedience work.

“The establishment of the SHINHAN Customs Vietnam is the most advanced expansion of the business area among South Korean customs consulting firms, and we will do our best to provide high-quality services to companies that want to enter Vietnam as well as those that already has entered Vietnam with a sense of responsibility as the first customs service." said Grace Chang, CEO of SHINHAN Customs Service.

[ SHINHAN Customs Vietnam ]

Eun  Sil  Park : +84-24-7300-8630, scv@shcs.kr

Dae Kyoo Choi: +82-2-3448-1181, shinhan@shcs.kr

* Please find details on our website in here.(www.customsservice.co.kr)

[SHINHAN Zoom In Trade NOV]

Please click to see more.

If you have any questions?

esyoon@shcs.kr

Please find details on our website in here.

http://customsservice.co.kr

http://blog.naver.com/shinhan22