It’s hard to believe that the Authorised Economic Operator (AEO) program has been available to EU traders for 10 years. The program was originally introduced in January 2008, after six years of planning and development.
So, what else has happened in the last 10 years?
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.
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.
Last week, we got the news of more terrorist attacks, this time in New York City, North Jersey, and the Jersey Shore. This hit a bit close to home as I grew up on the shore and have lived close to all of those places at one time or another.
It wasn't shocking, but felt more routine, which in and of itself is shocking. We've seen this in various forms in Nice, Baghdad, Turkey, Belgium, Pakistan, France, and a dozen other global locations.
I have come to quite enjoy the ‘Full English’ breakfast since moving to London last year. Packed with all the day’s calories and none of its nutrition, the full plate of eggs, bacon, hash browns, beans, and tomato has become a weekend favourite.
My breakfast on June 24th was a much more sensible choice of coffee and toast. However, it was made memorable by the Referendum results in Britain over whether or not we should stay in the European Union.
With all votes tallied, the United Kingdom had decided by referendum to leave the EU.
