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Cover Story Additional Tax Should be Refunded When Principal Tax is No Longer Liable to Pay
Introduction
There are cases that application of preferential tariff is denied
and additional tax is due along with its customs duties. In this case, when
appeal is accepted and customs duties are no longer liable to pay, additional
tax may not be refunded all the time.
A company has been declaring importing
aircraft parts from Lufthansa (LHT) as Duty Disproportion Goods to receive duty
reduction. After KOR-EU FTA was concluded in 2011, 941 import cases were
declared to receive FTA preferential tariff in 2013 and its partial import of
616 cases were declared with Duty Disproportion Goods as well.
FTA News Updated FTA News as of
June 2019
South Korea – UK Agree on Principles of Bilateral FTA
South Korea and the United Kingdom have
agreed on principles of bilateral FTA in case of possible no-deal Brexit in
October 31 this year.
Components
the UK procures from Europe will be regarded as British products for three
years. Likewise, transport via the European Union will be deemed as direct
transport for three years. The ratification is speeding up the process to be
completed before October 31, before in case of no-deal Brexit effects benefits
of Korea-EU FTA.
Voices From the Fields Overseas Direct Purchase (ODP), What to Expect
The Trend of Overseas Direct Purchase
Overseas Direct Purchase, OPD, is purchasing
goods directly from overseas on-line retailers.
It has become increasingly popular as
purchases rose 30.8 percent from a year earlier on rising of customer demand
for cheaper and various selection of products. The most frequent purchased
types of product are clothing, food and beverages, and electronic devices.
Updated Customs Trading Regulation for Import Clearance
Revision of
Improved Guidelines and Articles Effective as of May 30, 2019
-
Declaration of immediate export process for bonded surplus goods. (Article 123) -
Declaration of accurate LNG import quantity in import declaration. (Article 104
– 2) -
Expansion of target products processed by electronic customs clearance system by Artificial Intelligence, AI. (Article 63) -
Declaration of SOFA agreement articles with electronic signature on
certificate. (Article 15)
Customs Case Study KORUS FTA Certificate of Origin signed by HQ employee in Canada [Tax
Tribunal Case 2017 Customs 0311 (2018.11.19)]
Background
To
receive benefits of FTA, it is essential to correctly fill out the Certificate
of Origin form in proper manner according to the corresponding FTA agreement.
An
employee of the company HQ located in Canada signed the Certificate of Origin
form to apply KORUS FTA for goods exporting from the United States to Korea.
The product was eligible to receive benefits of KORUS FTA, except for the fact
that its certificate of origin form was signed by employee in Canada. This
violated articles and guidance of KORUS FTA and the goods did not receive
preferential tariff.
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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