2023년 11월 16일 NEWSLETTERKorea Customs and Trade Update (November 2023) UPDATES
Administrative Notice: Enactment of provisional anti-dumping duties on
Egyptian white Portland cement
- Reasons for imposition: Based on the preliminary investigation
results of the Trade Commission on Egyptian white cement, it has been decided to impose provisional
anti-dumping duties on the product for a period of 4 months as there exists
sufficient evidence presuming the existence of the fact of dumping and the fact
of material injury, etc. caused thereby with respect to the relevant goods, and
in order to prevent any injury which could arise during the investigation
period. - Target exporting country: Egypt - Target product: White Portland Cement (HSK 2523.21-0000) - Imposition Period: 2023.11. ~ 2024.03. (4 months) - Target suppliers and provisional anti-dumping duty rates
Amendment: 『Enforcement
Decree of the Traffic, Energy and Environment Tax Act』 and 『Enforcement
Decree of the Individual Consumption Tax Act』 - Extension
of the deadline for flexible tax rate reduction to alleviate fuel cost burden
- In order to alleviate the burden of fuel costs on the citizens due to
high oil prices, the deadline for the reduction of flexible tax rates applied
to traffic, energy, and environmental taxes on gasoline, diesel, and similar
alternative fuels, as well as individual consumption tax on butane among
petroleum gases, has been extended from 'October 31, 2023' to 'December 31,
2023', providing a two-month extension.
Amendment Proposal: 『Notice on the Operation of Export Clearance』 (Customs Service Notice No.2023-7)
- Amendments: § On-board export declaration is permitted for
domestically manufactured steel products (HS Chapter 72) which are loaded on
bulk carriers and declared for export. § Establishment of a method to confirm the
loading of goods that are not ship or aircraft supplies but have been declared
and accepted for the purpose of being installed and used in the relevant means
of transportation. § Incoterms 2020 revisions are reflected in the
export declaration form instructions. § Modification of the export declaration
certificate format to reflect notice amendments, etc.
Latest trends in origin verification by KCS, for
goods exported from Korea
- Upon the request of importing country’s customs authorities, origin
verification for exported goods needs to be conducted by KCS in accordance with
relevant agreement concluded with the country of import. - The main targets for origin verification for exported goods include: (1) Export goods for which a certificate of origin
has been issued in accordance with the FTA agreement concluded by Korea; (2) Export goods for which a certificate of origin
has been issued for tariff concessions other than FTA; and (3) Export goods for which a non-preferential
certificate of origin has been issued by the Chamber of Commerce and Industry - Verification request status by FTA agreement: Among FTA contracting
countries, verification requests are mainly concentrated from Turkiye, EU,
India, and ASEAN. - Reason for verification request: § Primary Reasons: Verification is requested for
goods exported from Korea mainly to “confirm whether the rules of origin are
met.” § Reasons by Agreement: Turkiye often requests
verification due to doubts on whether the goods meet the rules of origin. The
EU raises concerns about the validity of certified exporters, while ASEAN
frequently requests origin verification based on errors in the content of the
certificate of origin.
Amendment Proposal: 『Enforcement Rules of the Customs Act』 (Ministry
of Economy and Finance Notice No.2023-212)
- Amendments: § The deadline for applying tariff reduction
rates to small and medium-sized companies that import factory automation
products has been extended by one year from December 31, 2023 to December 31,
2024. § Three additional items, including machining
centers, are added to the list of items eligible for tariff reduction on
factory automation products. § Transport carts imported with semiconductor manufacturing equipment and devices attached to items for maintaining the quality are added to the list of items subject to re-export duty exemption.
AMENDMENTS Foreign Trade Law (partial amendment) Regulations on the Application of Allocated Tariffs under Article 71 of the Customs Act (partial amendment proposed) Enforcement Decree of the Individual Consumption Tax Act (partial amendment) Enforcement Rules of the Value Added Tax Act (partial amendment) Individual Consumption Tax Law (partial amendment) Enforcement Decree of the Law on Transportation Energy and Environmental Tax (partial amendment) Directive on the Operation of Patent Customs Zones (partial amendment)
OPINION
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