Is it possible to consolidate multiple transactions into a single import declaration?

     After careful research on customs laws and regulations about import declarations, I must inform you that consolidating multiple transactions into a single import declaration is not feasible. Let me outline the reasons why this approach cannot be adopted:

 

     First of all, the KR Customs import declaration form is designed to accommodate only one seller per declaration.
(Here is the picture showing that the KR Customs declaration system itself does not allow the entry of multiple sellers.)
The relevant regulation also states that it is mandatory to declare the seller of each transaction. Therefore, in instances where one shipment involves multiple sellers, each one necessitates a distinct entry.

 

     Second, the integrity of the customs value declaration is important. Each import declaration should correspond to a single transaction to accurately reflect the transactional value between the exporter and importer. In other words, if one import declaration involves multiple transactions as you requested, it surely fails to reflect the correct transactional value for respective transaction.

     Third, in Customs audits, the import declaration serves as an important document that verifies the financial transaction between a specific seller and buyer. For example, when customs authorities require evidence of a specific monetary exchange between a particular vendor and your company, the relevant invoice and import declaration become essential. However, if multiple transactions are combined into a single import entry, the declaration would no longer be valid as evidence of any specific financial transaction.

     We understand that making multiple entries incurs additional clearance fees, as our charges are entry-based. While it's reasonable to seek cost reductions, combining several transactions into a single declaration certainly carries substantial compliance risks and goes against KR Customs regulations.

 

     I believe that the new business model adjustments, where a trading firm consolidates purchases from various vendors to sell to an importer under a unified transaction, can streamline the import process and surely reduce the number of required entries. The more transactions the trading firm can handle, the greater your savings on clearance fees will be.