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CAd209 > First discussion > Flashcards

First discussion Flashcards

1
Q

Shall refer to the act of bringing in of
goods from a foreign territory into
Philippine territory, whether for
consumption, warehousing, or
admission.

A

Importations

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2
Q

Shall refer to the act, documentation
and process of bringing goods out of
Philippine territory.

A

Exportations

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3
Q

When Importation begins

A

when the carrying vessel/aircraft enters the Philippine territory with the
intention to unload therein.

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4
Q

Importation is deemed terminated when:

A

(a) The duties, taxes and other charges due upon the goods have been paid or secured to be
paid at the port of entry and the legal permit for withdrawal has been granted; or
(b) In case the goods are deemed free of duties, taxes and other charges, the goods have
legally left the jurisdiction of the Bureau

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5
Q

general rule

A

all kinds of merchandise imports are allowed.

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6
Q

importation of certain commodities are
regulated or prohibited for reasons of:

A

public health and safety,
national security, international commitments, and development/
rationalization of local industry

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7
Q

These are commodities the importation of which
is neither regulated nor prohibited as defined under (2) and (3) hereunder. The
importation may be effected without the prior approval of or clearance from any
government agency.

A

Free Importable Commodities

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8
Q

. These are commodities, the importation of which
requires clearances/permits from appropriate government agencies including the
BSP

A

Regulated Commodities

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9
Q

These are commodities, the importation of which is not
allowed under existing laws.

A

Prohibited Commodities

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10
Q

Written or printed goods in any form containing any matter advocating or inciting treason,
rebellion,
insurrection, sedition against the government of the Philippines, or forcible resistance to any law of
the
Philippines, or written or printed goods containing any threat to take the life of, or inflict bodily harm
upon any
person in the Philippines;

A

Prohibited

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11
Q

Goods, instruments, drugs and substances designed, intended or adapted for producing unlawful
abortion, or any printed matter which advertises, describes or gives direct or indirect information
where, how or by whom unlawful abortion is committed;

A

Prohibited

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12
Q

Written or printed goods, negatives or cinematographic film, photographs, engravings, lithographs,
objects,
paintings, drawings or other representation of an obscene or immoral character;

A

Prohibited

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13
Q

Any goods manufactured in whole or in part of gold, silver or other precious metals or alloys and
the stamp, brand or mark does not indicate the actual fineness of quality of the metals or alloys;

A

Prohibited

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14
Q

Any adulterated or misbranded food or goods for human consumption or any adulterated or
misbranded drug in violation of relevant laws and regulations;

A

Prohibited

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15
Q

Infringing goods as defined under the intellectual property code and related laws;

A

Prohibited

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16
Q

All other goods or parts thereof, which importation and exportation are explicitly prohibited by law
or rules
and regulations issued by the competent authority.

A

Prohibited

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17
Q

[Sec. ___] Prohibited Importation and Exportation

A

Sec. 118

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18
Q

Dynamite, gunpowder, ammunitions and other explosives, firearms and weapons of war, or
parts thereof;

A

Restricted

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19
Q

Roulette wheels, gambling outfits, loaded dice, marked cards, machines, apparatus or
mechanical devices used in gambling or the distribution of money, Cigars, Cigarettes or other
goods when such distribution is dependent on chance, including jackpot and pinball machines or
similar contrivances, or parts thereof;

A

Restricted

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20
Q

Lottery and sweepstakes tickets, except advertisements thereof and lists of drawings therein

A

Restricted

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21
Q

Marijuana, opium, poppies, coca leaves, heroin or other narcotics or synthetic drugs which
are or may hereafter be declared habit forming by the President of the Philippines, or any
compound, manufactured salt, derivative, or preparation thereof, except when imported by the
government of the Philippines or any person duly authorized by the Dangerous Drugs Board,
for medicinal purposes;

A

Restricted

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22
Q

Opium pipes or parts thereof, of whatever material; and

A

Restricted

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23
Q

Any other goods which importation and exportation are restricted

A

Restricted

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24
Q

The restriction to import or export the above stated goods does not include the restriction on their
transshipment.

A

False- shall include

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25
Q

[Sec. ___] Restricted Importation and Exportation

A

Sec. 119

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26
Q

party that offers a
good, service, or
asset in return for
payment.

A

Seller

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27
Q

Deliver the goods/ documents

A

Seller

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28
Q

are responsible
for purchasing goods for a
company to use or sell in
their own business. One
who pays the money

A

Buyer

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29
Q

Pay the money

A

Buyer

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30
Q

gives the seller assurance that he will receive the payment

A

Letter of Credit

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31
Q

a binding document that a buyer can request from his bank in
order to guarantee that the payment for goods will be transferred to the seller.

A

Letter of Credit

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32
Q

In order for the payment to occur, the seller has to __________________ confirming the delivery of goods within a given
time frame.

A

the seller has to present the bank with the
necessary shipping documents

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33
Q

All L/Cs must be opened:

A

on or before the date of shipment

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34
Q

How many LC should be opened for each import transaction?

A

Only 1 LC

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35
Q

For purposes of opening an L/C, importers shall:

A

submit to the AAB the documents listed in
Appendix 5.

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36
Q

Amendments of L/Cs need to be referred to the BSP for prior approval.

A

False- need not

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37
Q

UCP 600 means:

A

Uniform Customs and Practices on Documentary Credits

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38
Q

L/Cs shall be negotiated in accordance with the terms and conditions set forth in:

A

in the L/C and UCP 600

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39
Q

are rules that apply to any documentary credit (“credit”) (including, to the extent to which
they may be applicable, any standby letter of credit) when the text of the credit expressly indicates
that it is subject to these rules. They are binding on all parties thereto unless expressly modified or
excluded by.

A

The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600
(“UCP”)

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40
Q

the official publication
which is issued by the International Chamber of Commerce (ICC).

A

The UCP 600 (“Uniform Customs & Practice for Documentary Credits”)

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41
Q

UCP600 is a set of __ articles on issuing
and using Letters of Credit, which applies to ___ countries around the world, constituting some ____ of trade per year

A

39 articles; 175 countries; $1tn USD

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42
Q

Letter of Credit Process

A
  1. Sale Agreement (buyer and seller)
  2. Buyer applies for L/C (to issuing bank)
  3. (Issuing bank) Issues L/C to applying bank
  4. (Nominated bank) Advices L/C to seller
    5.1. (Seller) Deliver the goods to the buyer
    5.2. (Seller) presents required documents to advising/nominated bank
  5. Nominated bank presents documents to issuing bank
  6. If documents comply (nominated bank), issuing banks makes agreement to pay.
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43
Q

an arrangement under documentary collection
in which an exporter instructs the presenting bank to hand over shipping and title
documents to the importer only if the importer fully pays the accompanying bill of
exchange or draft.

A

Documents Against Payment (D/P)

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44
Q

_____ shall advise the importer of the receipt of the
complete original shipping documents and effect the release of said documents to
the importer upon receipt of payment.

A

AAb’s

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45
Q

remit payment to the supplier through the correspondent bank abroad

A

AAb’s

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46
Q

is an arrangement under documentary
collection in which an exporter instructs the presenting bank to hand over shipping
and title documents to the importer only if the importer accepts and signs the
accompanying bill of exchange or draft.

A

Documents Against Acceptance (D/A)

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47
Q

Under a D/A arrangement, the ______ shipping documents are released to the
importer by the ____ concerned at the instance of the seller’s bank upon the
importer’s acceptance of the seller’s _______ obligating the importer to pay
for the shipment at some future date.

A

Original; AAB; bill of exchange

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48
Q

a short-term negotiable instrument, is a signed, unconditional, written order binding one party to pay a fixed
sum of money to another party on demand or at a predetermined date

A

Bill of exchange

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49
Q

No payment from buyer = no issuance of documents from the seller

A

D/P

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50
Q

No acceptance and signed bill of exchange from the buyer = no issuance of documents from the seller

A

D/A

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51
Q

is an arrangement whereby the shipping documents are sent
and released by the exporter directly to the buyer, without coursing the documents
through the banks, upon the buyer’s promise to pay at some future date after
shipment.

A

Open Account

52
Q

Under _________, the said documents are released by the seller directly to
the importer without coursing the documents through the banks, upon the importer’s
promise to pay at some future date.

A

OA arrangement

53
Q

an import transaction to be considered under D/A or O/A must be
payable _______ after bill of lading (B/L) or airway bill (AWB) shipment date.

A

Atleast 30 days

54
Q

Goods are available to importer

A

Before payment

55
Q

Depends on the sale contract

A

Time of payment

56
Q

Relies completely on importer to pay as agreed

A

Risk to importer

57
Q

is a supplier-buyer arrangement where payment is made
within 29 calendar days from bill of lading/airway bill date.

A

Direct Remittance

58
Q

may service within twenty nine (29) calendar days after B/
L or AWB shipment date applications for direct remittance of import payments upon
presentation of the complete original shipping documents, in accordance with
existing rules, and if applicable, import clearance, for regulated items issued by
concerned government agencies.

A

AABs and AAB Forex Corps

59
Q

AABs and AAB-forex corps may service within _______________ after B/
L or AWB shipment date applications for direct remittance of import payments upon
presentation of the complete original shipping documents, in accordance with
existing rules, and if applicable, import clearance, for regulated items issued by
concerned government agencies.

A

29 calendar days

60
Q

If the 29th day falls on a non-banking day, the following banking day can’t apply and
the importation will not be considered DR.

A

False- shall apply, and will still be considered DR

61
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”

62
Q

These are importations by export producers of
raw materials and accessories/supplies from foreign suppliers/buyers abroad for the
manufacture or processing of products destined for export to said foreign suppliers/
buyers. These shall also include machinery/equipment and spare parts consigned to
the local manufacturer/processor for eventual re-export to the consignor: Provided,
That the equipment involved shall be used only in connection with the processing of
products for export.

A

Importations on Consignment Basis.

63
Q

It is the policy of the ____ to encourage commodity exports
which generate foreign exchange earnings for the country.

A

BSP

64
Q

Accordingly, commodity exports are allowed with restriction
except for certain commodities which are regulated or
prohibited for reasons of national interest or by provision of law.

A

False- without restriction

65
Q

Classification of Exports

A
  1. Freely Exportable Commodities
  2. Regulated Commodities
  3. Prohibited Exports
66
Q

These are commodities the exportation of which
is neither regulated nor prohibited. They may be effected without prior approval of
or clearance from any government agency

A

Freely Exportable Commodities

67
Q

These are commodities the exportation of which
requires clearances/permits from appropriate government agencies. The list of
these products with the appropriate government agencies/offices is shown in
Appendix 8.

A

Regulated Commodities

68
Q

These are commodities the exportation or sale of which is
prohibited/penalized by law (Appendix 9).

A

Prohibited Exports

69
Q

All export shipments shall be covered by an _____________________ using
the prescribed form.

A

Export declaration

70
Q

require submission, for record purposes, of a copy
of the duly accomplished Export Declaration form if the export
negotiation or payment of the pertinent export shipment is coursed
through them.

A

AABs or OBU

71
Q

Payments for exports may also be made through export advances with prior
approval of the BSP.

A

False- with prior approval

72
Q

refer to all payments/remittances received before
shipment, including prepayments and Red Clause advances.

A

Export advances

73
Q

may be used in prepayment/export advance, but for
buyer’s checks, the same shall be cleared before shipment.

A
  1. Bank draft/telegraphic transfer,
  2. buyer’s checks,
  3. traveler’s checks or acceptable
    foreign currency notes
74
Q

Payments for exports may be made in the following currencies

A

1) U.S. dollar
2) Japanese yen
3) Pound sterling
4) Hong Kong dollar
5) Swiss franc
6) Canadian dollar
7) Singapore dollar
8) Australian dollar
9) Bahrain dinar
10) Kuwait dinar
11) Saudi riyal
12) Brunei dollar
13) Indonesian rupiah
14) Thai baht
15) United Arab Emirates dirham
16) Euro
17) Korean won
18) Chinese renminbi or yuan
19) Such other currencies that may be declared
convertible by the BSP”

75
Q

Open Account Arrangement:

A
  1. Seller and buyer will enter into sales agreement
  2. Exporter will ship the goods to importer
  3. After shipping the goods, the exporter will prepare the necessary shipping docs such as B/L, Invoice, and P/L, and forward the docs over to importer
  4. When the goods arrive to the port, the importer may now release the goods
76
Q

LODGEMENT OF GOODS DECLARATION

A
  1. Declarant will electronically lodge the goods declaration using the any VASP of BOC
77
Q

Examination of goods, when required by the _____, shall be conducted immediately after the _______. _____ in the examination shall be given to live animals, perishable goods and other goods requiring immediate examination.Whenever necessary, a system of coordinate on and joint examination of goods shall be established by the Bureau and other regulatory agencies under existing laws and regulations.

A

bureau; goods declaration have been lodged; priority

SECTION 419. EXAMINATION OF GOODS

78
Q

As a general rule, the ___ may examine the goods in the presence of the _____ or an authorized representative. Examination of the goods in the absence of the declarant or authorized representative may be allowed in exceptional circumstance and for valid and justifiable grounds, as may be defined by regulations promulgated by the _____, upon recommendation of the _____. The Bureau may require the ____ to be present or to be represented at the examination of the goods or to render any assistance necessary to facilitate the examination.

A

BUREAU; DECLARATION;
SECRETARY OF FINANCE; COMMISSIONER;
DECLARANT

79
Q

The Bureau shall take _____ of the goods only when needed to establish the tariff description and value of goods declared, or to ensure compliance with this Act. Samples drawn shall be as _____ as possible.

A

SAMPLES; MINIMAL

80
Q

Shall refer to the physical , documentary, or non-intrusive inspection ofgoods to ensure that the nature, origin, condition, quantity, value, and tariffclassification of goods are in accordance with the particulars furnished inthe goods declaration and other supporting documents

A

EXAMINATION

81
Q

TYPE OF EXAMINATION

A
  1. DOCUMENTARY CHECK
  2. NON INTRUSIVE INSPECTION
  3. PHYSICAL EXAMINATION
82
Q

The inspection by the use of XRAY scanners or any other non intrusive equipment

A

NON INTRUSIVE INSPECTION

83
Q

The verification of the completeness and authenticity of documents including submission of required import permits, clearances or licenses, if any.

A

DOCUMENTARY CHECK

84
Q

To ascertain that the actual nature, origin, condition, quantity, value and tariff classification of the goods are in accordance with the particulars declared in the goods declaration.

A

PHYSICAL EXAMINATION

85
Q

WHAT ARE THE PRIORITY IN THE EXAMINATION?

A

live animals,
perishable goods and
other goods requiring immediate examination.

86
Q

CAN IT BE ALLOWED TO EXAMINE THE GOODS IN THE ABSENCE OF DECLARANT?

A

YES. It may be allowed in exceptional circumstance and for valid and justifiable grounds, as may be defined by regulations promulgated by the Secretary of Finance, upon recommendation of the Commissioner.

87
Q

Pursuant to internationally accepted standards, the Bureau may adopt nonintrusive examination of goods, such as the use of ______.

A

X-RAY MACHINE

88
Q

Physical examination of the goods shall be conducted when:

A

(a) It is directed by the Commissioner on account of a derogatory information;
(b) The goods are subject to an Alert Order issued by competent authority;
(c) The goods are electronically selected for physical examination;
(d) There are issues and controversies surrounding the goods declaration and the import clearance process; or
(e) The importer or declarant requests for the examination of the goods.

89
Q

The ______ may exempt from physical examination the goods of authorized economic operators or of those provided for under any existing trade facilitation program of the Bureau.

A

COMMISSIONER

90
Q

Physical examination, when required, shall be conducted in an _____ manner.

A

EXPEDITIOUS

91
Q

GROUNDS FOR PHYSICAL EXAMINATION

A

(a) The goods are electronically selected for physical examination;
(b) The goods are subject to an Alert Order issued by competent authority;
(c) When goods declaration is selected for documentary check only but there are issues and controversies surrounding the goods declaration and the import clearance process;
(d) It is directed by the Commissioner on account of a derogatory information, in which case the shipment is considered alerted or subject to pre-lodgement control of the Bureau;
(e) The importer or declarant requests for the examination of the goods; or
(f) When the image result after nom-intrusive inspection raises suspicion of irregularity that requires further physical examination

92
Q

GREEN LANES ARE SUBJECT FOR:

A

ASSESSMENT ONLY (LOW RISK)

93
Q

YELLOW LANE ARE SUBJECT FOR:

A

ASSESSMENT AND DOCUMENT CHECK (MEDIUM RISK)

94
Q

ORANGE LANE IS SUBJECT FOR:

A

ASSESSMENT, DOCUMENT CHECK, NON INTRUSIVE EXAMINATION (X-RAY), AND PHYSICAL EXAMINATION (UPON SCANNING THE IMAGE IS FOUND TO BE SUSPICIOUS)

[MEDIUM TO HIGH RISK]

94
Q

RED LANE IS SUBJECT FOR:

A

ASSESSMENT, DOCUMENT CHECK, NON INTRUSIVE EXAMINATION (X-RAY), AND PHYSICAL EXAMINATION (WHETHER NORMAL OR SUSPICIOUS)

[HIGH RISK)

95
Q

THE NEW SLECTIVITY CHANNEL

A

ORANGE LANE

96
Q

Written orders issued by authorized customs officers on the basis of derogatory information regarding possible non-compliance with the CMTA, after the lodgment of goods declaration and before their release from customs custody.

A

ALERT ORDERS

SECTION 1111. ALERT ORDERS

97
Q

WHY ALERT ORDERS NEED TO BE ISSUED?

A
  • Because there is a derogatory information on the shipment that violates or possible non compliance with the CMTA Law.
98
Q

WHAT WILL HAPPENED IF YOU RECEIVED AN ALERT ORDERS FROM BOC?

A

-Will result in the suspension of the processing of the goods declaration and the conduct of physical or nonintrusive inspection of the goods within forty-eight (48) hours from issuance of the order.

99
Q

CONDUCT OF EXAMINATION

A
  1. Shall be done in the correct and expeditious manner with due consideration to the surrounding circumstances
  2. May require the declarant to be present or represented or to render any assistance necessary to facilitate examination
  3. A system of coordination and joint examination of goods shall be established by the Bureau and other regulatory agencies
  4. The extend of physical examination shall depend on kinds/types of goods and such other conditions which may be hazardous to the health and safety of those conducting examination
  5. Shall take samples of the goods only when needed
  6. It may release the goods before the results of examination
100
Q

In the examination, classification, and valuation of the goods, the customs officer shall:

A

(a) Determine whether the packages for examination and their contents are in accordance with the goods declaration, invoice and other pertinent documents;
(b) Take samples of the imported goods for examination or laboratory analysis when necessary;
(c) Issue a receipt for a sample taken and retained during examination; and
(d) Report whether the goods have been correctly declared as to value, quantity, measurement, weight, tariff classification and not imported contrary to law.

SEC. 421.DUTIES OF CUSTOMS OFFICER TASKED TO EXAMINE THE IMPORTED GOODS

101
Q

Every officer, agent, or employee of the Bureau or of any other agency of the government charged with the enforcement of the provisions of this Act, who shall be found guilty of any delinquency as described below shall be penalized with imprisonment of _______ but not _____, and perpetual disqualification to hold public office, from exercising the right to vote and to participate in any public election and a fine of ______, but not _______:

A

not less than six (6) years and one (1);
not more than twelve (12) years;
not less than five hundred thousand pesos (P500,000.00);
not more than one million pesos (P1,000,000.00):

SEC. 1431.Statutory Offenses of Officers and Employees.

102
Q

The cost of examination shall be for the account of the ______ , subject to proper ______

All expenses incurred by the Bureau for the handling or storage of goods and other necessary operations shall be chargeable against the goods, and shall constitute a lien thereon.

A

IMPORTER OR EXPORTER; ACCOUNTING AND DOCUMENTATION;

SEC. 422.Customs Expenses Constituting Charges on Goods.

103
Q

LODGEMENT OF GOODS DECLARATION

A

1.

104
Q

DE MINIMIS VALUE:

A

10PHP - 10,000PHP

105
Q

No duties and taxes shall be collected on goods with an FOB or FCA value of ______.

The _____ shall adjust thede minimisvalue as provided herein every _____ after the effectivity of this Act.

The value herein stated shall be adjusted to its present value using the ____, as published by the ____.

A

10, 000 OR BELOW;
SECRETARY OF FINANCE;
3 YEARS
CPI; PSA

SEC. 423.Determination of the De Minimis Value.

106
Q

A legal term meaningtoo small to be meaningful or taken into consideration; immaterial

A

DE MINIMIS

107
Q

For purposes of assessing duties and taxes on imported goods, the _____ shall classify, value, and determine the duties and taxes to be paid.

The _______ shall prepare and submit an assessment report as established under this Act.

A

CUSTOMS OFFICER; CUSTOMS OFFICER

SEC. 424.Duty of Customs Officer Tasked to Assess Imported Goods.

108
Q

shall refer to the process of determining the amount of duties and
taxes and other charges due on imported good

A

ASSESSMENT

109
Q

Assessment shall be deemed_____ if the duties and taxes initially assessed are ____ by the importer.

The assessment shall be completed upon ______ based on the tariff ruling in case of classification dispute, or the final resolution of the protest case involving valuation, rules of origin, and other customs issues.The _____ may allow the release of the imported goods under tentative assessment upon the posting of sufficient security to cover the applicable duties and taxes equivalent to the amount that is disputed.

A

TENTATIVE; DISPUTED;

FINAL READJUSTMENT; DISTRICT COLLECTOR

SEC. 425.Tentative Assessment of Goods Subject to Dispute Settlement

110
Q

not certain, definite or agreed

A

TENTATIVE

110
Q

not certain, definite or agreed

A

TENTATIVE

111
Q

a disagreement, argument, or controversy—often one that gives rise to a legal
proceeding (such as arbitration, mediation, or a lawsuit).

A

DISPUTED

112
Q

shall refer to any ruling or decision by the District Collector, except the fixing of fines in seizure cases, which is adverse to the importer, consignee or exporter.

A

PROTESTABLE CASE

113
Q

WHO WILL ISSUE RULING IN CASE OF PROTEST?

A
  1. TARIFF COMMISSION
  2. BUREAU OF CUSTOMS
114
Q

CLASSIFICATION ISSUE

A

TARIFF COMMISSION

115
Q

VALUATION ISSUE AND RULES OF ORIGIN ISSUE

A

BUREAU OF CUSTOMS

116
Q

Assessment of a provisional goods declaration shall be deemed tentative;
and such assessment shall be completed upon
1. _____and;
2. ____ to complete the declaration within the period provided in Section 403 of this Act.

A
  1. final readjustment and;
  2. submission by the declarant of the additional information or documentation

SEC. 426.Tentative Assessment of Provisional Goods Declaration.

117
Q

Such appraisal, classification or return, as finally passed upon and approved or modified by the ____, shall not be altered or modified in any manner, EXCEPT:

(1)
(2)
(3)
(4)

A

DISTRICT COLLECTOR;
(1) Within one (1) year after payment of the duties, upon statement of error in conformity with Section 912 of this Act, as approved by the District Collector;
(2) Within fifteen (15) days after such payment, upon request for reappraisal or reclassification addressed to the Commissioner by the District Collector, if the appraisal or classification is deemed to be low;
(3) Upon request for reappraisal and/or reclassification, in the form of a timely protest addressed to the District Collector by the interested party if the latter should be dissatisfied with the appraisal or return; or
(4) Upon demand by the Commissioner after the completion of compliance audit in accordance with the provisions of this Act.

SEC. 427.READJUSTMENT OF APPRAISAL, CLASSIFICATION OR RETURN.

118
Q

______ errors made on an invoice or entry, errors in return of weight, measure and gauge, when duly certified under penalties of falsification or perjury by the surveyor or examining officer when there are such officers at the port, and errors in the distribution of charges on invoices not involving any question of law and certified under penalties of falsification or perjury by the examining customs officer, may be corrected in the computation of duties, if such errors are discovered before the payments of duties, or if discovered ________ from customs custody of imported goods upon written request and notice of error from the importer, or upon statement of error certified by the District Collector.
For the purpose of correcting errors specified in the next preceding paragraph, the ____ is authorized to make refunds within the statutory time limit.

A

MANIFEST CLERICAL ERRORS; WITHIN 1 YEAR AFTER RELEASE; BUREAU

SEC. 912. Refund Arising from Correction of Errors.

119
Q

DUTY SHALL NOT BE ASSESSED IN ANY CASE UPON AN AMOUNT LESS THAN THE ENTERED VALUE, unless

A
  1. by direction of the Commissioner in cases when the importer certifies at the time of entry that the entered value is higher than the dutiable value and;
  2. that the goods are so entered in order to meet increases made by the appraiser in similar cases then pending re-appraisement;
  3. and the lower assessment shall be allowed only when the importer’s contention is sustained by a final decision,
  4. and shall appear that such action of the importer was taken in good faith after due diligence and inquiry.

SEC. 428.Assessment of Duty on Less Than Entered Value.

120
Q

the reported price of an imported product based on information provided by the seller.
It may also be referred to as the declared value. The seller lists this price on
shipping documents when selling a product to an international buyer.

A

ENTERED VALUE

121
Q

the transaction value, that is,
the price actually paid or payable for the goods when sold for export to the Philippines adjusted in accordance
with the provisions of Section 3.2. 8 of this Order and subject to the conditions specified in Section 3.2

A

DUTIABLE VALUE

122
Q

Assessment shall be deemed final ______ of the notice of assessment by the importer or consignee.

A

15 DAYS AFTER RECEIPT

SEC. 429.Final Assessment.

123
Q

In the absence of fraud and when the goods have been finally assessed and released, the assessment shall be conclusive upon all parties _________ of duties and taxes, or upon _______

A

THREE YEARS FROM THE DATE OF FINAL PAYMENT;
COMPLETION OF THE POST CLEARANCE AUDIT

SEC. 430.Period of Limitation.

CAd209 (6 decks)

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