Cover Story   ​

KCS “Error Notification System” May Discourage Importer and Exporter in Fiduciary Duty

Current Filing Error Notification System Discourages Post Amendment

KCS has implemented Error Notification System since October 2005. When filing entries, voluntary confirmation of accurate information is obliged to the importer and exporter, however in real cases, most information is finalized after entry is approved.

FTA News

South Korea – Central America FTA

 Set to Take Effect in Oct 2019

South Korea-Central America FTA effective as of October

South Korea - Central America FTA is taking effect in October this year, making Korea the first Asian country to forge a free trade agreement in the following five Central American countries, Costa Rica, El Salvador, Nicaragua, Honduras and Panama. The trade volume between South Korea and five Central American is totaled close to $ 4 billion, and this trade agreement gives Korea advantage to be the first-mover in the market completing with China, Japan and other Asian rivals.

Voices From the Fields

KCS Enforcing Clothing Smugglers

and Fake Labeling

KCS-Government Enforcing Replaced Fake Label in Clothing Until End of October

Lately, KCS has caught the case clothing exported to China with fake label including false country of origin information. Such clothes were originally smuggled from China, or purchased in Korea then replaced label with more expensive brands originating from Korea.  Based on Customs Article 269 - 2, 275 and Trade Article 33 - 4,53 - 2, smuggling and violating country of origin is a serious offence that can lead to heavy fines.

Updated Customs Trading Regulation
Pre-Announcement of Partial Customs Act

 Revision Legislation

[Ministry of Economy and Finance 2019-138, 2019.7.26.]

Revision of Partial Customs Act Legislation Effective from January 2020

Partial Revision is made on Customs Act to supplement current system as follows.

- Supporting taxpayer bill of rights reinforcing appealing system.

- Expanding scope of duty exemption on re-import goods, scheduled for

  temporary export.

Customs Case Study

To Tax or Not to Tax?

Quality Management Cost Paid to Seller

Background

Company B has been importing product from Company A paying Quality Management Cost, but did not paid duty on this fee. After Customs’ investigation, Company B was told to the fee is dutiable as it is considered as “processing cost” paid to Company A. Company B disagreed with result and appealed the case to the court.

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

[SHINHAN Zoom In Trade SEP]

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