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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 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)
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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