in Cooperation with Lee & Ko
KGCCI invites you to a workshop which is divided into two sessions dealing with the most interesting customs issues in 2017 for German companies operating in Korea:
In December 2016, the Ministry of Finance announced an amendment to the Enforcement Decree of the Customs Act, pursuant to which a foreign company will be permitted to adjust customs values based on ex post facto TPAs. Until now, the Korea Customs Service took the position that retroactive TPAs are unrelated to the transaction value of underlying goods, as they are merely income adjustments for corporate tax purposes. However, when the amendment becomes effective in July 2017, the company will be able to obtain a refund of the duties paid for imported goods, if it receives compensation from its overseas affiliates to make the import transaction an arm’s-length transaction prior to the end of the relevant fiscal year.
In addition, on February 20, 2017, the Korea Customs Service announced a plan to introduce “Periodic Settlement of Customs Duties” for Authorized Economic Operators (AEOs). The program was designed to exempt any additional customs audits pertaining to certain customs compliance issues, such as valuation and classification that are voluntarily reported by AEOs on an annual basis.
Our speakers Mr. Youngmo Lee (Customs Attorney) and Mr. Kwanmo Park (Attorney at Law) with Lee&Ko regularly advise foreign companies on Korean customs regulations.
Friday, March 31th, 2017 / 15:00-17:00
KGCCI Conference Room, 7th Fl.
For Members free; For Non-members: 60,000 Won
Please RSVP until March 28th, 2017 online.
For questions please contact Ms. Min-seo Kang (mskang(at)kgcci.com or 02-3780-4645).