TNETS Customs and Trade Compliance News


South Korea braces for more export curbs as Moon Jae-in warns of ‘greater damage’ to Japan’s economy

By Julian Ryall – July 15 2019/ South China Moring Post South Korea is braced for Japan to further escalate the countries’ trade dispute by removing Seoul from Tokyo’s “white list” of trusted trade partners and subsequently imposing new customs clearance restrictions on 40 categories of products, which could amount to 1,100 specific items. Officials from the two countries made no progress in talks last Friday, leading Japan’s Ministry...

Read More

Rising threat of freight thefts involving ‘insiders’

Will Waters | Thursday, 11 July 2019 Global cargo crime study by TT Club and BSI highlights risks and responses, recommending that information and access are limited to a ‘need to know’ basis A new global cargo crime study has highlighted a growing threat of cargo thefts involving ‘insiders’, alongside various other trends and recommendations. In their second full-year analysis of cargo theft, freight insurance and risk specialist TT Club...

Read More

Zelensky obliges govt to create information resource for declaring goods – decree on fight against smuggling

Zelensky obliges govt to create information resource for declaring goods – decree on fight against smuggling Ukrainian President Volodymyr Zelensky has signed a decree aimed at decreasing smuggling and corruption during customs declaration of goods imported to the customs territory of Ukraine. According to the decree signed on Tuesday, the Cabinet of Ministers of Ukraine on the unified web portal of the executive authorities should ensure the creation of...

Read More

Pentagon Contract Worth Billions Set to Shake Up Moving Industry

By Travis Tritten – July 10 2019/ Bloomberg Award early next year for $2.2 billion annual program Congress eyeing legislation that could delay contract Nothing is more certain in military life than that moving, at some point, will be part of it. That saddles the Pentagon with managing an army of commercial moving companies for about 360,000 shipments per year of furniture, clothes, books, bicycles, and all other types...

Read More

Kildare Chamber says businesses must actively prepare for worst case Brexit scenario

July 10 2019/LEINSTER LEADER Following yesterday’s publication of the revised Brexit contingency action plan from the Irish Government, Allan Shine, CEO of County Kildare Chamber is urging businesses to prepare for a highly possible ‘no-deal’ outcome this October. “Yesterday’s revised contingency action plan was published as a result of the lack of action being taken, or likely to be taken in the next few weeks, in Westminster to remove...

Read More

China to introduce more measures to stabilize foreign trade

Source: Xinhua| 2019-07-10|Editor: Mu Xuequan To stabilize foreign trade, the key is to further expand opening up and focus on enhancing the endogenous power of enterprises through market-oriented reforms and by economic means, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang. China will improve its fiscal and tax policies as the meeting studied how to further lower the country’s overall import...

Read More

Reminder: Changes to the Singapore Goods and Services Tax Act from 1 January 2020 will Introduce Goods and Services Tax on Imported Services

by K&L Gates July 8 2019 /JDSUPRA As the second half of 2019 approaches, Singapore businesses and overseas service providers should take note of the pending changes to Singapore’s Goods and Services Tax (GST). As part of its effort to achieve parity in GST treatment for all services consumed in Singapore, the Minister of Finance announced in the Budget 2018 that effective from January 1, 2020, consumers and businesses...

Read More

Japan’s export control to further strain Korean economy

The Korean Times July 5, 2019 By Lee Kyung-min  Japan’s export control of key materials needed to produce semiconductors and displays will deal a significant blow to Asia’s fourth-largest economy, economists said Friday.  “Given that semiconductors account for about 6 percent of the country’s GDP, a 10 percent drop in the export volume could lead to a 0.6-percentage-point drop in the growth rate,” KB Securities Chief Economist Chang Jae-chul...

Read More

China rolls out measures to facilitate customs clearance

Li Xia BEIJING, July 3 (Xinhua) — China has adopted 10 concrete measures to streamline customs clearance by cutting time and improving work efficiency, according to the General Administration of Customs Wednesday. Those measures are mainly targeted at further simplifying documentations, optimizing clearance processes to raise efficiency, enhancing port informatization and lowering port charges, said Hu Wei, vice minister of the administration. At present, the number of documents required...

Read More

Non-tariff barriers hurdle for Asean community targets

The Business Times July 1, 2019 WITHOUT a stronger focus on tackling non-tariff barriers, Asean will not accomplish the objectives of the Asean Economic Community (AEC) and will fail to meet the targets in the AEC Blueprint 2025, warns a June 22 report. Jointly commissioned by the European Union-Asean Business Council (EU-ABC) and the Asean Business Advisory Council (Asean BAC), the report examines non-tariff barriers in the region’s automotive,...

Read More