Global

Details

  • Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 7/21/2014

China - New customs clearance benefits with Korea 

July 21: Chinese enterprises with an AA rating and that engage in trade with Korea can benefit from expanded and preferential customs clearance benefits with the implementation of a mutual recognition arrangement between China’s customs administration and Korea’s customs service.

The customs agreement may help eligible entities reduce customs processing times and simplify clearance procedures.


Companies that have a rating lower than AA may want to consider applying for an enterprise rating upgrade—especially if they are currently transacting or planning on transacting with Korea-based businesses.


Class AA-rated enterprises and enterprises that apply for this rating will need to have “health checks” completed in advance in order to deal with customs validation.


Read a July 2014 report prepared by the KPMG member firm in China: Sino-Korea AEO Mutual Recognition Entered into Force




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