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 4^th 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
Pre-Announcement of Partial Customs Act Notice Revision Legislation

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.

[SHINHAN Zoom In Trade DEC]

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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