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CAd 206 - Customs Warehousing > Module 2 > Flashcards

Module 2 Flashcards

1
Q

the process by which semi-finished parts or materials are put together or combined to form a distinct product without substantially changing its physical or mechanical characteristics or electro-magnetic and / or chemical properties.

A

Assembly

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2
Q

the national territory of the Philippines outside of the proclaimed boundaries of the ECOZONES except those areas specifically declared by other laws and/or presidential proclamations to have the status of special economic zones and / or free ports.

A

Customs territory

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3
Q

refer to the date appearing in the certificate of registration

A

Date of Registration

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4
Q

refer to selected areas with highly developed or which have the potential to be developed into agri-industrial, industrial, tourist, recreational, commercial, banking, investment

A

ECOZONES or “Special Economic Zones” (SEZ)

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5
Q

refers to a business entity or concern duly registered with and / or licensed by the PEZA to develop, operate and maintain an ECOZONE or nay or all of the component IE, EPZ, Free Trade Zone or Tourist / Recreational Center and the required infrastructure facilities and utilities such as light and power system, water supply and distribution system, sewerage and drainage system, pollution control devices, communication facilities, paved road network, administration building and other facilities as may be required by the PEZA. The term shall include the PEZA and / or the Local Government Unit when by the themselves or in joint venture with a qualified private entity, shall act as the Developer / Operator of the ECOZONES. As such, they shall be entitled to the same incentives under Rule XIV of these Rules in accordance with the pertinent provisions of the Act and the Code.

A

Ecozone developer/operator

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6
Q

refers to an individual, association, partnership, corporation or other form of business organization which has been registered with the PEZA to engaged in manufacturing, assembling or processing activity falling within the purview the Act and resulting in the exportation of 100% of its production, unless a lower percentage of its production for exportation is prescribed by the Board subject to such terms and conditions as the latter may determine.

A

Ecozone Export Enterprise

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7
Q

shall refers to a business entity or concern within the ECOZONE duly registered with and/or franchised / licensed by the PEZA with or without incentives provided under Republic Act No. 6957, as amended, (the Build-Operate-Transfer Law) and / or with or without financial exposure on the part of the PEZA such as contractors / operators of buildings, structures, warehouses, site development and road network, ports, sewerage and drainage system and other facilities for the development, operation and maintenance of the ECOZONE and other similar or ancillary activities as may be determined by Board.

A

Ecozone facilities enterprise

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8
Q

refers to an individual, association, partnership, corporation or other form of business organization which has been registered with the PEZA to engaged in the importation of goods or merchandise within the restricted or free trade area in the ECOZONE tax and duty-free for immediate transshipment or for storage, repacking, sorting, mixing or manipulation and subsequent exportation unless the Board allows the sale thereof in the customs territory subject to the payment of customs duties and internal revenue taxes to such other terms and conditions as it may determine.

A

Ecozone free trade enterprise

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9
Q

shall mean an ECOZONE enterprise (1) engaged in the manufacture, processing or production and not merely in the assembly of packaging of goods, products, commodities or raw materials that have not been or are not being produced in the Philippines on a commercial scale or (2) which uses a design, formula, scheme, method, process or system or production of transformation of any element, substance or raw materials into another raw material or finished goods which is new and untried in the Philippines (3) which produces non-conventional fuels or manufactures equipment which utilizes non-conventional sources of energy or uses or converts to coal or other nonconventional fuels or sources of energy in its production, manufacturing or processing operations: or (4) engaged in the pursuit of agri-export processing zone development or (5) given such status under the Investment Priorities Plan: Provided, That the final product in any of the foregoing instances involves or will involve substantial use and processing of domestic raw materials, whenever available, taking into account the risk and magnitude of investment.

A

Ecozone Pioneer Enterprise

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10
Q

business entity or concern within the ECOZONE such as but not limited to those engaged in customs brokerage, trucking / forwarding services, parcel services

A

Ecozone service enterprise

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11
Q

business organization duly registered with the PEZA proposing to engaged in the establishment and operation of tourist-oriented accommodations, restaurants operated as an integral part of a tourism facility (e.g., hotels, resorts, recreational centers), sports and recreational facilities within the ECOZONE.

A

Ecozone tourism enterprise

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12
Q

shall refers to a business entity or concern within the ECOZONE duly registered with and / or franchised / licensed by the PEZA with or without the incentives provided under Republic Act No. 6957, as amended, (the Build-Operate- Transfer Law) and / or with or without financial exposure on the part of the PEZA, such as contractors/operators of light and power systems, water supply and distribution systems, communications and transportation systems within the ECOZONE and other similar or ancillary activities as may be determined by the Board.

A

Ecozone utilities enterprise

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13
Q

installation of additional facilities and / or equipment

A

Expansion

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14
Q

specialized industrial estate located physically and / or administratively outside the customs territory and predominantly oriented to export production

A

Export Processing Zone

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15
Q

an isolated policed area adjacent to a port of entry (as a seaport) and/or airport where imported goods may be unloaded for immediate transshipment or stored, repacked, sorted, mixed, or otherwise manipulated without being subject to import duties. However, movement of these imported goods from the free-trade area to a non-free-trade area in the country shall be subject to import duties.

A

Free Trade Zones

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16
Q

refers to a tract of land subdivided and developed according to a comprehensive plan under a unified continuous management and with provisions for basic infrastructure and utilities, with or without pre-built standard factory buildings and community facilities for the use of the community of industries.

A

Industrial Estate

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17
Q

list of industries drawn up and regularly updated by the PEZA under which ECOZONE Enterprises engaged in any industry listed therein shall not be allowed to sell their products or any portion thereof in the custom territory.

A

Negative List

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18
Q

shall refer to the final agreement executed by the PEZA and the ECOZONE Enterprise setting forth the terms and conditions for the latter’s operation of business or engaged of economic activity within the ECOZONE.

A

Registration agreement

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19
Q

finished or semi-finished products or raw materials which are defective or inferior in quality

A

Rejects/seconds

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20
Q

specific area within the ECOZONE which has been classified and / or fenced-in as export processing zone, free trade zone or such other areas as may be declared by the Board.

A

Restricted area

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21
Q

hereinafter referred to as the ECOZONES, are selected areas with highly developed or which have the potential to be developed into agroindustrial, Industrial tourist/recreational, commercial, banking, investment and financial centers.

A

Special Economic Zones

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22
Q

for purposes of the income tax holiday shall be the date specified in the Registration Agreement or the date when the particular ECOZONE export enterprise actually begins production of the registered product for commercial purposes, whichever comes first, irrespective of phases or modules or schedule of development.

A

Start of commercial operations

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23
Q

area within the ECOZONE where tourist accommodation facilities such as hotels, apartelles, tourist inns, pension houses, resorts, sports and / or recreational facilities are provided to render tourism services for both local and foreign tourists, travellers and investors in accordance with the guidelines issued by the PEZA.

A

Tourist/recreational center

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24
Q

difference between the selling price of merchandise and the value of the raw materials and manufacturing supplies

A

Value Added

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25
Q

BOT

A

Build-Operate-Transfer

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26
Q

BSP

A

Bangko Sentral ng Pilipinas

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27
Q

DENR

A

Department of Environment and Natural Resources

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28
Q

DAR

A

Department of Agrarian Reform

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29
Q

ECC

A

Environmental Compliance

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30
Q

EPZ

A

Export Processing Zone

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31
Q

IE

A

Industrial Estate

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32
Q

PEZA

A

Philippine Economic Zone Authority

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33
Q

SEZ

A

Special Economic Zone

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34
Q

BCDA

A

Bases Conversion Development Authority

35
Q

SBMA

A

Subic Bay Metropolitan Authority

36
Q

CDC

A

Clark Development Corporation

37
Q

What are the mandate and functions of PEZA?

A

(a) Set the general policies on the establishment and operations of the ECOZONES, industrial estates, export processing zones, free trade zones, and the like;

(b) Review proposals for the establishment of ECOZONES based on the set criteria under Section 6 and endorse to the President the establishment of the ECOZONES, industrial estates, export processing zones, free trade zones and the like. Thereafter, it shall facilitate and assist in the organization of said entities;

(c) Regulate and undertake the establishment, operation and maintenance of utilities, other services and infrastructure in the ECOZONE, such as heat, light and power, water supply, telecommunication, transport, toll roads and bridges, port services, etc., and to fix just, reasonable and competitive rates, charges and fees therefore;

(d) Approve the annual budget of the PEZA and the ECOZONE development plans;

(e) Issue rules and regulations to implement the provisions of this Act in so far as its power and functions are concerned;

(f) Exercise its powers and functions as provided for in this Act; and

(g) Render annual reports to the President and the Congress (SEC. 12, RA No. 7916).

38
Q

OSSC

A

One Stop Shop Center

39
Q

What is a pioneer status?

A

Pioneer status may be extended to an ECOZONE Export or Free Trade Enterprise only after the evaluation of their application for such status.

40
Q

What are the protections to investments available to investors?

A

a. Repatriation of Investments
b. Remittance of Earnings
c. Foreign Loans and Contracts
d. Freedom from Expropriation
e. Requisition of Investment

41
Q

SBMA

A

RA No. 7227 - known as the “Bases Conversion and Development Act of 1992.”

42
Q

There is hereby created a body corporate to be known as the Bases Conversion and Development Authority, which shall have attribute of perpetual succession and shall be vested with the powers of a corporation. It shall be organized within _______ days after approval of this Act. It shall have a term of ______ years from its organization: Provided, That _______, by a joint resolution, may dissolve the Conversion Authority whenever in its judgement the primary purpose for its creation has been accomplished. It shall establish its principal office in Metropolitan Manila unless otherwise provided by the Conversion Authority and may put up such branches as may be necessary

A

30 days; 50 years; Congress

43
Q

The Conversion Authority shall have an authorized capital of __________ which may be fully subscribed by the Republic of the Philippines and shall either be paid up from the proceeds of the sales of its land assets as provided for in Section 8 of this Act or by transferring to the Conversion Authority properties valued in such amount. An initial operating capital in the amount of __________ is hereby authorized to be appropriated out of any funds in the National Treasury not otherwise appropriated which shall be covered by preferred shares of the Conversion Authority retireable within ______ years (SECTION 6, RA No. 7227).

A

One hundred billion pesos (P100,000,000,000); seventy million pesos (P70,000,000); two (2) years

44
Q

The _________ is hereby authorized to sell the above lands, in whole or in part, which are hereby declared alienable and disposable pursuant to the provisions of existing laws and regulations governing sales of government properties:

A

President

45
Q

The powers and functions of the Conversion Authority shall be exercised by a Board of Directors to be composed of ______ members

A

nine (9)
(a) A full-time chairman who shall also be the president of the Conversion Authority; and
(b) Eight (8) other members from the private sector, two (2) of whom coming from the labor sector.

46
Q

True or False

The chairman and members shall be appointed by the President with the consent of the Commission on appointments.

A

True

47
Q

The chairman and president of the Conversion Authority shall have a fixed term of ______ years.

A

six (6)

48
Q

The powers of the Subic Authority shall be vested in the exercised by a Board of Directors, which shall be composed of _____ members,

A

fifteen (15)

49
Q

shall refer to Republic Act No. 791,6, otherwise known as The Special Economic Zone Act of 1995.

A

Act

50
Q

shall refer to Presidential Decree No. 66, as amended.

A

Decree

51
Q

shall refer to Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, as amended

A

Code

52
Q

shall refer to the PEZA Board of Directors

A

Board

53
Q

shall refer to goods, wares, merchandise, equipment or machineries the importation of which are prohibited by law

A

Prohibited Merchandise

54
Q

articles which are the growth, origin or manufacture of the Philippines

A

Domestic Merchandise

55
Q

shall mean those articles imported into the Philippines

A

Foreign Merchandise

56
Q

shall mean the manufacture, processed and/or assembled products, whether physical or non-physical, belonging to the class of products approved by the Board to be undertaken by the enterprise, including such packaging materials and containers as may be necessary to put the product into exportable form.

A

Export Product

57
Q

shall mean an article, which is unfinished or incomplete but possesses the essential character of a finished product in relation to another and intended to be used as a direct input to the latter.

A

Semi-Finished Product

58
Q

non-fabricated materials directly used in processing or manufacturing

A

Raw Materials

59
Q

usual components of machinery and / or equipment which are subject to wear and tear arising from normal use, utilization and operation.

A

Spare Parts

60
Q

refer to capital equipment, major components thereof, non-perishable tools, machines and other mechanical, chemical and or electrical apparatus

A

Machinery and Equipment

61
Q

refer to wrapping materials, receptables and containers, tags, labels, and such other materials as are necessary to put the product in exportable form

A

Packaging Materials

62
Q

articles or materials that shall form part of the factory buildings whether built by the ECOZONE enterprise or leased from the PEZA, including fixtures thereof, enclosures, driveways and other auxiliary structures.

A

Construction Materials

63
Q

shall collectively refer to raw materials, supplies, equipment, machineries, spare parts, packaging materials, or wares of every description to be used in connection with the registered activity of an ECOZONE enterprise.

A

Merchandise or Goods

64
Q

process by which raw or semi-finished materials are converted into a new product

A

Manufacturing/Processing/Manipulation

65
Q

process by which raw materials, semi-finished products or finished products whether locally produced or not are placed without substantial alteration in a container or receptacle or wrapped in preparation for the market.

A

Packaging

66
Q

for purposes of computing the special tax due under Section 24 of the Act refers to gross sales or gross revenues derived from business activity within the ECOZONE

A

Gross Income

67
Q

total foreign exchange proceeds from the export of the registered product minus the total foreign exchange expenses

A

Net Foreign Exchange Earnings

68
Q

foreign exchange that would have been expended had the registered product been imported less the total foreign exchange expenses

A

Net Foreign Exchange Savings

69
Q

assets subject to depreciation under the National Internal Revenue Code

A

Fixed Assets

70
Q

shall refer to an organized activity primarily designed for the systematic development of the attitude, knowledge, skill and behavior pattern

A

Training Program

71
Q

expenses incurred by an ECOZONE Service Enterprise in training program or activity designed to develop skilled or unskilled labor

A

Training Expense

71
Q

any person, employed or unemployed by the ECOZONE enterprise lacking the skill, training or experience

A

Unskilled Labor

71
Q

compensation for labor directly used in the production or manufacturing process

A

Direct Labor Wage

72
Q

first stage of the learning process of a vocation or occupation aimed at developing the aptitude

A

Basic Skills Training

73
Q

training for supplementary skills and knowledge

A

Skills Upgrading

74
Q

acquisition of skills and knowledge required in an occupation or other than the skills or knowledge for which the person was originally trained

A

Retraining

75
Q

the right to repatriate the entire proceeds of the liquidation of the investment in the currency

A

Repatriation of Investments

76
Q

after-tax profits and other earnings of foreign investments in the ECOZONE may be remitted outward without need of prior Bangko Sentral ng Pilipinas approval.

A

Remittance of Earnings

77
Q

right to remit at the exchange rate prevailing at the time of remittance such sums as may be necessary to meet the payments of interest and principal on foreign loans and foreign obligations arising from technological assistance contracts,

A

Foreign Loans and Contracts

78
Q

shall be no expropriation by the government of the property represented by investments

A

Freedom from Expropriation

79
Q

shall no requisition of the property represented by the investment or of the property of the enterprise

A

Requisition of Investment

80
Q

True or False

All applications shall be made upon forms prescribed by the PEZA duly accomplished in four (4) copies

A

three (3)

81
Q

may be taken into restricted areas of the ECOZONES from the customs territory of the Philippines and brought back thereto free of quota, duty or tax

A

Transfer of Merchandise

82
Q

Finished products of registered Export of Free Trade Enterprises not included in the negative list shall be made available for domestic sale in the customs territory or retail stores / shopping malls

A

Domestic Sale

CAd 206 - Customs Warehousing (1 decks)

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