Tariffs and Customs Terms N.1.88 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
an American association representing the interest of shippers and consignees on matters of transportation policy and regulation.
National Industrial Traffic League
a codification of all laws, rules, and regulations on Philippine taxation.
National Internal Revenue Code
public or state ownership, financing, and operation of a business entity.
nationalization
a Philippine export development agency that assists manufacturers- exporters identify sub-contractors that can fulfill export orders.
National Subcontractors’ Exchange
Products refers to the negotiating group of the General Agreement on Tariffs and Trade that tackles the issue of removal of trade barriers to products based on natural resources. It was created due to, the pressure from least. developed economies
Natural Resource-Based
it absolves the shipowner for any liability for errors in navigation or mismanagement of the ship by the master or his crew. This defense was originally included in the Hague Rules because the so-called “maritime adventure” of ocean transport in the past was indeed an uncertain affair fraught with danger.
nautical faults defense
a person’s imprudent actions or omission, which results in injury, damage, or loss to property.
negligence
a stipulation that exempts a vessel from liability if cargo damage or loss is caused by faulty navigation or mismanagement of the ship
nautical fault exception
a certificate of indebtedness payable to bearer or to order of holder.
negotiable bond
a bill of lading which states that the goods will be delivered to its bearer or to the order of any person named therein
negotiable bill of lading
a written instrument signed by its maker, with an unconditional promise or order to pay a sum of money, payable on demand or at a definite time, and payable to order or to bearer.
negotiable instrument
of credit a letter of credit (L/C) wherein the obligation of the issuing bank to honor drafts is not only the beneficiary, but extends to any negotiator, endorser, or holder in due course of the drafts drawn under the LIC.
negotiable letter
the bank that negotiates band a letter of credit (UC), I may be a bank nominated by the issuing bank or any other bank authorized under the L/C.
negotiating bank
a forum under the Uruguay Round that allows contracting parties to plan and manage multilateral negotiations on common interest
Negotiation Group
the process by which parties agree on certain issues
negotiation
the purchase of a bill of exchange or documents by a bank with recourse to the payee in the event of non-payment
negotiation
the ship’s cargo carrying capacity expressed in long tons.
net capacity
a charter contract which means that the charterer pays all port charges and the cost of loading and unloading at the fist port of discharge and at any subsequent ports, However, the costs for re-delivery of the ship are shouldered by the ship-owner.
net charter
income that remains after subtracting allowable deduction and exemption from gross income.
net income
a manifest that contains all freight details and disbursements
net manifest
the measure of the vessel’s capacity pursuant to the provisions of the international convention on tonnage measurement of vessels
net manifest
ton the gross tonnage less non-earning spaces of the ship, like those for machinery, permanent bunkers, navigational aids, fuel, water ballast (except deep tanks), master, and crew cabins.
net register
the taxable gross income less allowable deduction
net taxable income
the weight of merchandise excluding its packing or wrapping
net weight
a data communications system that interconnects computer systems at different sites, thereby allowing electronic data interchange
network
