Tariffs and Customs Terms DE.1.50 Flashcards

Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.

1
Q

a store (often located in airports, free ports, or hotels) which sells duty-free imported goods to local and foreign customers.

A

duty-free shop

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2
Q

a Customs procedure wherein the release of imported goods is held in abeyance pending verification of payment of duties and taxes, or when the goods are put on alert or hold order.

A

duty-free stop

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3
Q

a place where a person normally sleeps. Means domicile or permanent residence in the Philippines.

A

dwelling

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4
Q

a collective reference to developing Asian countries such as Hong Kong, South Korea, Malaysia, Singapore, Taiwan and Thailand.

A

Dynamic Asian Economics

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5
Q

for second-class merchant ship (Lloyd’s Register of Shipping)

A

E symbol

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6
Q

a collective action that identifies industries where progressive reduction on tariffs and non-tariff measures would positively impact on trade and development in the Asia-Pacific region. It also identifies industries that support early liberalization.

A

Early Voluntary Sectoral Liberalization [Scheme]

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7
Q

a free trade pact among members of the Association of Southeast Asian Nations to create high-speed regional internet connections and to eliminate duties on information technology goods and services by 2010

A

e-ASEAN Framework Agreement

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8
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 any 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 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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9
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 of the Act resulting in sale of its finished products in the customs territory or in the non - restricted or authorized areas within the ECOZONE in its entirety or if exporting a portion of its production output, it continually fails to exort at least fifty percent (50%) thereot for a period of three (3) years without any justifiable reason in case at least 60% of its working capital is owned by Philippine nationals or in case more than 40% of its working capital is owned by foreign nationals, it continually fails to export at least seventy percent (70%) of its production output for a period of three (3) years without any justifiable reason

A

ECOZONE Domestic Market Enterprise

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10
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 of 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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11
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 the Board.

A

ECOZONE Facilities Enterprise

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12
Q

refers to an individual, association, partnerships, 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 of 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 and to such other terms and conditions as it may determine.

A

ECOZONE Free Trade Enterprise

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13
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 of production of transformation of any element, substance or raw materials into another raw materials or finished goods which is new and untried in the Philippines or (3) which produces non - conventional fuels or manufactures equipment which utilizes non - conventional sources of energy or uses or converts to coal or other non- conventional 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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14
Q

shall refers to a business entity or concern within the ECOZONE such as but not limited to those engaged in customs brokerage, trucking forwarding services, parcel services, janitorial services, security services, insurance, and / or banking services, consultancy services restaurant or such other services within the ECOZONE as may be determined by the Board, duly registered and / or licensed by the PEZA whose income derived within the ECOZONE shall be subject to taxes under the National Internal Revenue Codé pursuant to Section 25 of the Act.

A

ECOZONE Service Enterprise

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15
Q

shall refer to an individual, association, partnerships, corporation or other 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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16
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

17
Q

a symbol or mark given by the European Community to manufacturers who can show that their products are less harmful to environment than other similar articles.

18
Q

a principle of the World Trade Organization (WTO) that allows a member-country to craft policies for the protection of its environment against damage brought about by domestic production or consumption of imported goods. Enunciated in the WTO Committee on Trade and Environment, it mandates that such policies must neither discriminate between

A

eco-labeling

19
Q

nor between exports to, and imports from, different trading partners.

A

domestic goods and imports

20
Q

trade in goods and services through electronic mail (e-mail), electronic funds transfer, electronic data interchange (EDI), Internet, and similar computer-based techniques.

A

e-commerce

21
Q

a regional trade arrangement and a Customs Union among Benin, Burkina, Faso, Cape Verde Islands, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo, signed in 1975.

A

Economic Community of West African States

22
Q

formerly the Regional Cooperation for Development, it is a regional trade arrangement among Turkey, Iran, and Pakistan; signed in 1985. In 1992, various states of the former Soviet Union and Afghanistan joined as members.

A

Economic Cooperation Organization

23
Q

a range of penalties, from cessation of trade and financial transactions to prohibition of economic and military assistance, imposed to force a country to consent to certain conditions.

A

economic sanctions

24
Q

a regional trade arrangement of the European Community, forged in 1986, to achieve a common market.

A

EC Single Market Program

25
Q

international standards, directories, and guidelines for electronic interchange of trade date Synonymous with UN/EDIFACT.

A

Electronic Data Interchange for Administration, Commerce and Transport