Tariffs and Customs Terms T.1.121 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 base on which duties and taxes on a shipment are computed. The tax base is the Customs dutiable value appearing on the entry.
tax base
a document that gives authority to a person or firm to avail of a tax credit
tax credit certificate
tax reduction or rebate granted to certain persons or firms, usually as a privilege to export-oriented industries
tax credit
the process by which a tax payer declares he asset, income, property, for purposes of paying taxes.
tax declaration
an additional deduction that reduces the taxable income, which, in turn, decreases income tax. It is equal to net loss carry-over and a certain percentage of sales of exporters.
tax deduction
all taxes, fees, and charges, imposed by Customs and Revenue agencies
taxes
a technique by which a taxpayer resorts to illegal means to evade payment of tax
tax evasion
exemption from, payment of duties and taxes on imported and exported goods.
tax exemption
evasion of payment of duties and taxes on import goods through smuggling. misdeclaration, entry of undeclared items, switching, pilferage, over quantity, fraudulent transfers.
tax fraud
this means that a merchandise is imported without payment of tax.
tax-free
an international banking and financial center providing privacy and tax benefits.
tax haven
the whole range of privileges given by the government to a person or firm, especially those engaged in pioneer or export-oriented industries.
tax incentives
smuggling through circumvention of Customs laws, misclassification of goods, fraudulent transshipments, and similar technical schemes.
technical smuggling
imposition of import standards, such as those on quantity, performance, safety, dimensions.
technical trade barriers
information of any kind that can be used, or adopted for use, in design, production, manufacture, utilization or reconstruction of articles or materials
technology
transfer of knowledge from one country to another through technical journals, conferences, provision of technical experts, technical assistance programs through patents, blueprints, industrial process.
technology transfer
the means by which trade data are transferred or interchanged.
teletransmission
products temporarily excluded from the list of the Common. Effective Preferential Tariff (Scheme) for the ASEAN Free Trade Area. These goods are different from those covered by general exceptions: But they will be transferred to inclusion list by 2003, at 0-5% rate.
temporary exclusions
temporary storage of goods under Customs control, pending lodgment of import entry for the shipment.
temporary storage of goods
Customs premises where imported goods are temporarily kept pending lodgment of entry.
temporary stores
a marine insurance clause which provides that if an accident occurs, notice is given the insurance firm, or to the nearest Lloyd’s agent il the ship is abroad, so that can insurance surveyor can be appointed it so desired.
tender clause
otherwise known as “term” or “usance”, it is the period fixed in a bill of exchange, usually expressed in multiples of 30 days; the term fixed for payment of a drat.
tenor
provisional determination of Customs duties and taxes due on shipment, if a future action is still to be done, like submission of pertinent documents (certificate of origin, bill of lading, bond, etc.), which are vital to final liquidation. It is broader that the concept of tentative release
tentative liquidation
provisional release of cargo from Customs upon posting of security (e.g., manager’s check or bank guarantee), which is equal to duties, taxes, or other charges, due thereon.
tentative release
is the area where containers are stocked ready to be loaded into the vessel, or are stocked immediately after discharge from the vessel.
terminal
