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CLAP Review Materials > CDP Day 01 > Flashcards

CDP Day 01 Flashcards

1
Q

Conditions thru which the goods shall be considered to be cleared through an informal entry process.

A

a. < 50k FCA or FOB - goods of commercial nature.
b. Personal & household effects or goods not in commercial quantity, imported in a passenger’s baggage or mail.
* also includes those imported thru consolidation.

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2
Q

Who shall adjust the value of goods in informal entry process every 3 years, to its present value?

A

Secretary of Finance

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3
Q

What is the basis of adjustment of value?

A

CPI (Consumer Price Index) provided by PSA

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4
Q

Who may adjust the value of goods of commercial nature that shall be cleared through an informal entry process without the prejudice to the periodic 3 year adjustment by the Secretary of Finance?

A

Commissioner of Customs

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5
Q

What document/s shall cover goods entered through formal entry process, as an evident of payment or that indicates the commercial value of goods?

A

L/C - Letter of credit

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6
Q

The bank that advises the credit at the request of the issuing bank.

A

Advising bank (local/ph)

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7
Q

The party on whose request the credit is issued.

A

Applicant (Importer)

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8
Q

The party in whose favor a credit is issued.

A

Beneficiary (Exporter)

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9
Q

A presentation that is in ACCORDANCE with the terms and conditions of the L/C.

A

Complying presentation.

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10
Q

Definite undertaking of the confirming bank, in addition to that of the issuing bank, to HONOR or NEGOTIATE a complying presentation.

A

Confirmation

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11
Q

The bank that issues a credit at the request of an applicant.

A

Issuing bank

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12
Q

The act of advancing or agreeing to advance funds to the beneficiary,

A

Negotiation

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13
Q

The bank with which the credit is available or any bank in the case of a credit available.

A

Nominated bank

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14
Q

Either the delivery of the documents under a credit to the issuing bank or nominated bank.

A

Presentation

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15
Q

Documents to be presented by the beneficiary.

A

a. Commercial Invoice
b. Bill of Lading/Airway Bill of Lading
c. Insurance Policy
d. Packing List
e. Certificate of Origin
f. MSDS
g. Other terms and conditions.

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16
Q

What are the information that shall be indicated in the commercial invoice presented by beneficiary (exporter)?

A

a. APO (Admission Permit Number) & PO Number

b. AHTN Subheading (ASEAN) or HS sub-heading (non-asean)

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17
Q

How many copies of the B/L or ABL are to be presented by the beneficiary to the issuing bank?

A

3/3 or 3 Original copies and 3 Copies of BL/ABL

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18
Q

Under L/C transaction, insurance policy is presented by the beneficiary in what condition?

A

CIF or CIP shipments

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19
Q

If not agreed upon, how much should be of the CIF or CIP value is the insurance under L/C transaction?

A

110%

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20
Q

When must all L/C be opened?

A

on or before the date of shipment

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21
Q

How many L/C shall be opened for each import transaction?

A

(1) One

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22
Q

Where do importers submit the documents required for regulated import, for the purposes of opening L/C?

A

AAB (Authorized Agent Banks)

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23
Q

Who shall governed the amendments of L/C’s?

A

UCPDC (Uniform Customs and Practices on Documentary Credits)

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24
Q

These are imports funded by importer’s own foreign currency deposit accounts or those sent by suppliers abroad for which no payment in foreign exchange will be made whether immediate or potential.

A

Self-Funded/No-Dollar Imports

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25
Q

Importations by export producers from raw materials from foreign suppliers abroad for the manufacture of goods for export to the party that supplied the raw materials.

A

Importations on consignment basis.

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26
Q

RA 8792 also known as…?

A

Electronic Commerce Act of 2000

27
Q

According to RA 8792, goods declaration shall be ______, together with supporting documents.

A

Submitted electronically

28
Q

Goods declaration, when printed and certified by a competent customs officer as a faithful reproduction of the electronic submission shall be considered as ______.

A

Actionable document - the declarant maybe punishable if declarations are found to be fraudulent.

29
Q

Period to lodge goods declaration.

A

15 calendar days

30
Q

For how many days shall the lodgment of goods be extended?

A

15 calendar days, subject to the approval of the District Collector, as maybe authorized by the Commissioner.

31
Q

When shall the request to extend the lodgment of goods be made?

A

Before the expiration of the original period.

32
Q

6 basis for extension of lodgment of goods.

A
  1. Fraud, committed against importer
  2. Accident
  3. Mistake
  4. Excusable negligence
  5. Technical issues as certified by the MIST
    6 Other analogous circumstances.
33
Q

When shall the request for extension of lodgment of goods be acted upon?

A

7 days

34
Q

Yes or No: In case the declarant may not be able to process the lodgment of goods during the extension period, can they extend for another period?

A

No further extension is allowed.

35
Q

These are goods that allowed prior lodgment of goods declaration and clearance upon arrival.

A
  • Express Shipments
  • Importers enrolled in SGL (Super Green Lane), AEO (Authorized Economic Operators), and Bulk & Break Bulk Cargo Clearance and Enhancement Program.
36
Q

Yes or No: Can a goods declaration be lodged even before the arrival of vessel/aircraft?
How?

A

Yes! So long as the vessel/aircraft submitted IFM (Inward Foreign Manifest) and registry number.

37
Q

Why is a provisional goods allowed?

A

To facilitate trade and prevent abandonment.

38
Q

To what extent may be a provisional goods declaration be allowed?

A

a. No import permit has been presented.
b. In case of relief consignment.
c. When TEI (Tax Exemption Indorsement) has not been issued.
d. Declarant lacks certain information or documents.

39
Q

Mode of payment under the formal entry process where the documents shall be released to the importer upon receipt of payment.

A

D/P - Document against payment

40
Q

Mode of payment under the formal entry process where the documents shall be released to the importer upon importer’s acceptance of the seller’s bill of exchange obligating the importer to pay for the shipment at some future date.

A

D/A - Document against acceptance

41
Q

Mode of payment under formal entry process where shipping documents are sent directly to the buyer upon the importer’s promise to pay at some future date.

A

O/A - Open Account

42
Q

At least how many days shall the D/A and O/A must be payable after B/L date?

A

30 Days

43
Q

Documents needed for lodgment of provisional goods declaration.

A

a. Proforma invoice.
b. BL/AWB or written order by the carrier or its agent.
c. Advance copy of CO.
d. Undertaking by the declarant
e. Other necessary documents.

44
Q

How many days shall a declarant submit complete declaration of the provisional goods declaration?

A

within 45-days

45
Q

When shall the 45-day extension of provisional goods declaration will start?

A

After the expiration of the original period.

46
Q

Grounds for amendment of goods declaration.

A

a. Inadvertent error
b. Amendment of the e-IFM
c. Mistakes or omissions in good faith.

47
Q

When must amendments of goods declaration be received?

A

Prior to the FINAL ASSESSMENT.

48
Q

Is the process used when it is necessary to revise the data in the SAD.

A

PMS (Post modification of SAD)

49
Q

PMS stage where the shipment is already assessed but not yet released from Customs.

A

Post assessment modification.

50
Q

Example of post assessment modification.

A

Green Lane

51
Q

PMS stage where the shipment has already been released from customs.

A

Post entry modification.

52
Q

Example of post entry modification.

A

Tentatively-released entries.

53
Q

Additional duties, taxes calculated as a result of post assessment shall be settled at the _______.

A

In-house bank – using cash payment module in e2m

54
Q

Selectivity module where the declaration process is allowed to move to the next process.

A

Green (Low risk)

55
Q

Selectivity module where the declaration is subject to document check.

A

Yellow (Medium Risk)

56
Q

Selectivity module where the declaration is subject to document check and physical examination of goods.

A

Red (High risk)

57
Q

Selectivity module where a non-intrusive examination is done.

A

Orange (Medium-High Risk)

58
Q

Selectivity module where the declaration is tagged for post clearance.

A

Blue

59
Q

When shall the goods be examined?

A

Immediately, after the goods declaration has been lodged.

60
Q

Type of examination of goods to verify the completeness and authenticity of the documents including submission of the required import permits, if any.

A

Documentary check.

61
Q

Type of examination of goods that use the aid of x-ray scanners.

A

Non-intrusive exam/inspection

62
Q

Type of examination where there is a need to ascertain the actual nature, origin, condition, quantity, value and tariff classification are in accordance in the goods declaration.

A

Physical Examination

63
Q

3 exceptions where a physical examination of the goods may be done in the absence of the declarant.

A

a. Declarant fails to be physically present.
b. Unknown/Fictitious consignee.
c. Conduct of controlled delivery, subject to the approval of Commissioner.

64
Q

Conduct of the examination of goods shall be under the authority of ________.

A

District Collector

CLAP Review Materials (2 decks)

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