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Some New Rules Of Foreign Trade

Jul 04, 2019

Recently, some coutries has issued the new regulations of foreign trade, which have been implemented from 1st July, 2019.

Advanced declaration of manifest(Bangladesh)

In order to increase the international trade and the clearance of imported goods, Bangladesh announced the implementation of pre-arrival processing(PAP), which is a manifest decleration. From July 1, Bangladesh National Taxation Bureau requested that the complete ship agent electronic manifest information (including MBL+HBL combination information) should be submitted 24 hours before the scheduled sailing-time of last port of call.

Soda Tax (Malaysia)

As is reported, Malaysia Customs Service announced that the tax of sugary drinks (commonly known as Soda Tax) have been implemented from July 1st. Besides, the merchant would receive a grace period of 2 months (from July 1 to August 31).

The clearance of chemicals should have "this" document(Korea)

Korea's K-REACH regulations stipulate that from July 1, 2019, non-Korean supplies (including Chinese companies) who export chemical goods to Korea should prepare K-REACH pre-registered document. If the suppliers don't provide the K-REACH pre-registered document as Korea customs required, they will not be able to get customs clearance. If the no pre-registered products are found in the Korean market, according to the regulation, the Korean importers and the people who process and use the products will impose a fine of 50 million won and no less than 7 years in prison, and add 5% additional penalty of these people's income in the Korean market.