Tariffs and Customs Terms P.1.103 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
products for exports products that are not allowed for export, except for scientific or testing purposes, but which still need government clearance
prohibited and regulated
goods that cannot be imported, like pornographic materials, subversive documents, illegal drugs, products used for abortion, etc.
prohibited importation
shall refer to goods, wares, merchandise, equipment or machineries the importation of which are prohibited by law as enumerated in section 102, Book 1 or republic Act No. 1937, otherwise known as the Tariff and Customs Code of the Philippines, as amended by Presidential Decree No. 34, and such other goods or merchandise which may be prohibited by special laws or by the PEZA.
Prohibited merchandise
a kind of specificity wherein the government of an exporting country subsidizes her exports that use domestic inputs. An importing country, however, can protest this practice win the Dispute Settlement Body of the World trade Organization.
Prohibited subsidy
secure a computerized system wherein importers pay Customs duties and taxes to commercial banks, through encrypted codes
project abstract
a written instrument that contains an unconditional promise of a maker to pay a definite sum of money to the payee or to his order. It is payable on demand or at a definite time. It has a date and is signed by the maker
promissory note
a phrase in a charter contact that means a ship is ready for loading upon short notice, say in a few days
prompt ship
a document wherein the master in good faith, or to comply with a warranty, or to avoid a marine peril
proof of delivery
a kind of deviation wherein the master or ship owner has no control. Made in good faith, or to comply with a warranty, or to avoid marine peril
proper deviation
a name that describes certain goods covered by documents and notices
proper shipping name
a rate lower than the regular rate, charged on shipments that have prior or subsequent transport movements
proportional rate
groups formed to protect ship-owners against risks not usually covered by Lloyd’s Policy
protection and indemnity (Club) association
an economic policy that restricts imports to help domestic producers compete with foreign suppliers
protectionism
imposition of high tariff to discourage certain imports or jack up their price for the benefit of local producers.
protective tariff
acceptance of obligations and benefits under the General Agreement on Tariffs and Trade (GATT), even if a country had discriminated against imports-an act contrary to GATT’s philosophy
protocol of provisional application
the legal means by which an importer, consignee, or other interested party may challenge the assessment or valuation made by Customs
Protest system
refers to additional protocol to the convention concerning Customs facilities for touring, relating to the importation of tourist, publicity documents and materials
protocol to the convention concerning facilities for touring
refers to Protocol to the Agreement on the importation of educational, scientific and cultural materials.
protocol to the Florence Agreement
schemes by which tariff rates are increased to dive an importing country a competitive leverage in the light of open global trade. These can be implemented only for 200 days.
protocol safeguards
in or of the next month. A term of payments wherein duties and taxes are paid in, or of, the next month.
Proximo latin
the documents issued by the Bureau of Product Standards that allows the use of Philippine Standard certification marks on certain products
PSCM License
a warehouse licensed by Customs to receive, handle, take custody and deliver imported cargoes and baggage which may be for local consumption, re-exportation, transfer under bond to another bonded warehouse. It also handles for a fee articles for export, as well as seized, abandoned and unclaimed merchandise.
public bonded warehouse
a U.S. legislation that allows the government to purchase agricultural export products as a form of subsidy
public law 480
the amount specifically set forth in a carrier’s tariff rate
published rate
the value of traded commodities published from time to time by Customs in the form of revision orders. It may be a basis of valuation especially if the processing of goods is through tentative liquidation, or if the declared value is doubtful
published value
