Tariffs and Customs Terms I.1.70

Question 1

a person primarily liable for the payment of duties and taxes on imported goods. He may be a consignee, importer on record, or the owner of the goods if the actual owner is not known or fictitious

Answer 1

importer

Question 2

under the expanded Value-added Tax (VAT) law, he is any person who brings goods into the Philippines, whether or not made in the course of his trade or business. It includes non-exempt persons or entities, who acquire tax-free imported goods from exempt persons, entities, or agencies. In the case of goods imported in the Philippines by VAT-exemption persons, entities or agencies which are subsequently sold, transferred or exchanged in the Philippines to non-exempt persons or entities, the latter shall be considered the importers thereof who shall be liable for VAT on such importance

Answer 2

importer

Question 3

a merchant who imports goods (usually on an exclusive territory arrangement), maintains an inventory, and sells to retailers

Answer 3

importer distributor

Question 4

the owner or purchaser of imported goods appearing on import documents, or, when so designated, a licensed Customs broker

Answer 4

importer on record

Question 4

a merchant who buys commodities overseas for his own account, and for resale in the domestic market. He himself handles import documentation and transportation

Answer 4

import merchant

Question 4

an authority from a government agency for the importation of certain sensitive or strategic commodities, like sugar, rice, explosives, used motor vehicles

Answer 4

import permit

Question 5

policy and planning at the national level, including determination of import priorities, procedures for allocation of foreign exchange, etc.

Answer 5

import policy

Question 6

a Customs fee paid by the importer to cover the administrative cost of processing import documents

Answer 6

Import Processing Fee

Question 7

the bidding out of the right to import specified quantities of goods subject to quota

Answer 7

import quota auctioning

Question 8

a quota system that restricts the importation of specified products to definite amount or volume

Answer 8

import quota system

Question 9

an economic policy of controlling the volume of imports through imposition of tariffs or quotas, restrictions in foreign currency use, requirement for import deposits, levying of import surcharges, or prohibition of certain imports

Answer 9

import restrictions

Question 10

analysis a risk analysis that determines if certain farm imports are affected by pests and diseases

Answer 10

import risk

Question 11

an economic policy of protecting the domestic industries from the influx of imported articles, like imposition of high tariff barriers on imports. A strategy that emphasizes the replacements of imports with domestically produced goods, rather than the production of goods for export, to encourage domestic industrial growth

Answer 11

import substitution

Question 12

an economic policy of achieving industrial growth through import substitution

Answer 12

import substitution industrialization

Question 13

a charge imposed on import products over and above regular tariff rates or Customs fees

Answer 13

import surcharge

Question 14

the business of bringing into a country any commodity or service from abroad

Answer 14

importation

Question 15

importation the business of bringing into a country any commodity or service from abroad.

Answer 15

importation under lease/lease purchase and similar arrangements

Question 16

when specified entry form is properly filled and accepted, together with the filling of any related documents required at the time of entry, at the port or station by the customs official designated to receive such entry papers, and duties, taxes, fees and other lawful charges required provided articles has previously arrived within the limits of a port of entry.

Answer 16

imported articles deemed “entered for consumption”

Question 17

from warehouse for consumption when specified entry form is properly filed and accepted, together with all pertinent documents required under the provisions of the code at the time of withdrawal of customs official designated to receive the withdrawal.

Answer 17

Imported articles deemed “Withdrawn”

Question 18

a kind of deviation not specified in the criteria that define a proper deviation.

Answer 18

improper deviation

Question 19

a situation wherein imported goods are provisionally allowed entry at a port without payment of duties and taxes either for storage in a bonded warehouse or transshipment to another area, where duties and taxes will be imposed later.

Answer 19

In bond

Question 20

a favorable freight rate that induces the shipper to transport heavier volumes per shipment

Answer 20

incentive rate

Question 21

a marine insurance clause that covers losses from latent defect in the vessel’s hull or machinery, and losses due to errors in navigation or management by the master or crew: The term “inchamaree” was derived from the name of a vessel involve in this kind of loss

Answer 21

inchamaree clause

Question 22

an enumeration of categories found in a certificate, which provides preferential treatment on certain imported products, pursuant to the Common Effective Preferential Tariff (Scheme) for the ASEAN Free Trade Area. The goods will have final tariff rate of 0-5% by 2003

Answer 22

inclusion list

Question 23

compensation for damage, loss or expenses incurred.

Answer 23

indemnification