TradeLane

Taein Kim

Taein Kim is the Tradewin General Manager in Korea. Prior to joining Tradewin, Taein has worked in management positions at a Big 4 trade consulting firm and a Korean Customs and Auditing firm. Taein has extensive practical experience assisting companies in Korea in managing their customs and trade function and in resolving issues directly with Korea customs and other government agencies. He has provided advice and assistance to many industries on topics such as: Free Trade Agreements, customs valuation, Hs classification opinions, licensing requirements, customs audits and investigations. Taein is a licensed Korea Customs broker and has passed the U.S. Enrolled Agent examination.

Recent Posts

Intro to the Korea ISA program for an AEO company

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Korea is introducing a new Importer Self-Assessment (ISA) program allowing companies the opportunity to file an annual ISA report in lieu of undergoing a Customs Assessment.  It also provides the extra benefit of allowing VAT recovery on additional duties payable, which is an obstacle under the current system. 

The reality of the ISA program is that it is practically impossible for customs to verify the legality of all import declarations due to the limited manpower of the auditors. Given this circumstance, customs audits were primarily focused on the collection of additional duties. This increased the number of objections and appeals filed against Customs, proving to be a burden for both businesses and tax collection.

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Topics: Korea

The ACVA Shield

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If you are being attacked by a stronger opponent, sometimes you need a strong shield. Korea Customs is such an opponent with all the power of the government behind them, how can importers protect themselves?  

One defensive shield available is the ‘ACVA’ program.

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Topics: Best Practices, Asia

Enjoy ISA in Korea

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The Korea Customs Service (KCS) has benchmarked the successful US Importer Self-Assessment (ISA) program and decided to establish a similar program in Korea for importers to use. Similar to the US, the ISA process starts with membership in Authorized Economic Operator (AEO). Korean AEO import companies are eligible to utilize the newly implemented ISA program, which is expected to become effective this month.

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Topics: Asia

Think You Are Doing Just Fine? Korea Customs Auditors Might Not Think So

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Being audited is pretty unpleasant. Having people go through your things in minute detail looking for mistakes you have made. Most companies’ normal reactions to a customs audit in Korea is probably ‘Why us?’ or ‘We are doing just fine’.

Well, unfortunately it looks like customs auditors have different views on how well companies are doing on customs compliance. In 2013, the Korea Customs Service imposed $200 million USD in additional duties collected through customs audits and investigations; more than 4.4 times the 2012 figure. And this number has been steadily growing ever since.

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Topics: Asia

Compliance in South Korea, NOT North

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I used to live in the USA. I spent a year in Corvallis, Oregon when I was ten years old. I remember it as one of the happiest times in my life, except for being confused about my national identity. Most of my elementary school classmates thought that I was from North Korea. This is not surprising since the North Korea nuclear issue had been surfacing at that time during George H. W. Bush’s presidency. North Korea is still a frequent topic on the famous American TV show, Conan, to this day.

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Topics: Asia, Free Trade Agreements