Tariffs and Customs Terms C.1.39 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
the master, officers, and seamen, who man a vessel.
crew
the point in international trade where the seller’s responsibility ends and the buyer’s responsibility begins
critical point
from one national border to another.
cross-border
synonymous with destination principle, it espouses the levying of Value-Added Tax on goods, property, or services destined, used, or consumed in another country
Cross Border Doctrine
movement of goods directly from the receiving dock to the shipping dock to eliminate storage expense.
cross-docking
a check where a person or banker is named therein, and whose intervention is required before the drawee bank pays the check
crossed check
the volume of a ship’s cargo (excluding insulated cargo space), expressed in bale or grain capacity, and in cubic meters
cubic capacity
a system under the General Agreement on Tariffs and Trade wherein an economy has the right asses the adverse effects of imports from different countries, especially within the principle of anti-dumping.
cumulation of imports
a revolving credit that allows as unutilized amount (for a particular period) to be carried over and added to the amount for a subsequent period.
Cumulative revolving credit
is the unit of activity. A quantity of radioactive material has an activity of one curie if the number of disintegrations of atoms per second is 3.7 x 10° (37 thousand million).
Curie
money circulated in a particular country.
currency
factor the adjustment of transport freight rates to reflect foreign exchange fluctuations.
currency adjustment
the difference between a country’s total exports and imports.
current account balance
a bill of lading that covers goods delivered to the custody of the carrier.
custody bill of lading
a service of the U.S. Department of Commerce that provides American firms information on export marketing, pricing, product demand and competition, and other relevant data.
customized sales survey
the established customs and practices t a port, and becomes part of a contract of carriage, unless otherwise stipulated.
custom of the port
it has been defined as a rule of conduct formed by repetition of acts, uniformly observed as a social rule, legally binding and obligatory. Courts take no judicial notice of customs. A custom must be proved as a fact, according to the rules or evidence
customs
A government agency tasked to impose duties and taxes on imported goods, combat smuggling, and promote trade facilitation
customs
Refers to duties imposed on imported goods
customs
a warehouse for storage, processing, manufacturing of imported raw materials into finished product for exports. Such importation Is tax- and duty-free, but subject to a filing of a bond in favor of the government.
Customs bonded manufacturing warehouse
the process of clearing a shipment through Customs and accounting for any duties, taxes, fines, or penalties payable.
Customs clearance
measures adopted to ensure compliance with Customs laws and regulations.
Customs controls
these refer to the following conventions under the World Customs Organization: 1. Establishment of the Customs Cooperation Council (1952), 2. Harmonized Commodity Description and Coding System, 3. carnets for commercial samples (1957), 4. importations of packing (1962),5. temporary importation of professional equipment (1962), 6. facilities for the importation of goods fro display or use at exhibitions, fairs, meetings, and similar events (1962), 7. ATA carnet for the temporary admission of goods, or ATA Convention (1963), 8. welfare materials for seafearers (1965), 9. temporary importation of scientific equipment (1962), 10. temporary importation of pedagogical materials (1971), 11. international transit of goods done on June 7, 1971, but yet to take effect, 12. simplification and harmonization of customs procedures (1974 Kyoto convention, Japan), 13. mutual administrative assistance for the prevention, investigation, and repression of Customs offenses (1980 Nairobi convention, Kenya), and 14. temporary admission of imported goods (for exhibition purposes), 1993 Istanbul Convention, Turkey.
Customs Conventions
an international organization of some 150 countries, it serves as a technical body that studies and resolves problems on harmonization of Customs operations worldwide to promote trade. Established in 1950, it drafted the Customs Cooperation Council Nomenclature.
Customs Cooperation Council
drafted by the Customs Cooperation Council, it is the most updated, modern, and scientific descriptions of articles in international trade. It is the formal coding system chiefly used for commodities traded globally. All products are given codes from 01.01 to 99.06. It has been superseded by the Harmonized System Nomenclature, to which most major trading nations, including the U.S., adhere.
Customs Cooperation Council Nomenclature
