Tariffs and Customs Terms T.1.121

Question 1

the base on which duties and taxes on a shipment are computed. The tax base is the Customs dutiable value appearing on the entry.

Answer 1

tax base

Question 2

a document that gives authority to a person or firm to avail of a tax credit

Answer 2

tax credit certificate

Question 2

tax reduction or rebate granted to certain persons or firms, usually as a privilege to export-oriented industries

Answer 2

tax credit

Question 3

the process by which a tax payer declares he asset, income, property, for purposes of paying taxes.

Answer 3

tax declaration

Question 4

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.

Answer 4

tax deduction

Question 5

all taxes, fees, and charges, imposed by Customs and Revenue agencies

Answer 5

taxes

Question 6

a technique by which a taxpayer resorts to illegal means to evade payment of tax

Answer 6

tax evasion

Question 7

exemption from, payment of duties and taxes on imported and exported goods.

Answer 7

tax exemption

Question 8

evasion of payment of duties and taxes on import goods through smuggling. misdeclaration, entry of undeclared items, switching, pilferage, over quantity, fraudulent transfers.

Answer 8

tax fraud

Question 9

this means that a merchandise is imported without payment of tax.

Answer 9

tax-free

Question 10

an international banking and financial center providing privacy and tax benefits.

Answer 10

tax haven

Question 11

the whole range of privileges given by the government to a person or firm, especially those engaged in pioneer or export-oriented industries.

Answer 11

tax incentives

Question 12

smuggling through circumvention of Customs laws, misclassification of goods, fraudulent transshipments, and similar technical schemes.

Answer 12

technical smuggling

Question 13

imposition of import standards, such as those on quantity, performance, safety, dimensions.

Answer 13

technical trade barriers

Question 14

information of any kind that can be used, or adopted for use, in design, production, manufacture, utilization or reconstruction of articles or materials

Answer 14

technology

Question 15

transfer of knowledge from one country to another through technical journals, conferences, provision of technical experts, technical assistance programs through patents, blueprints, industrial process.

Answer 15

technology transfer

Question 16

the means by which trade data are transferred or interchanged.

Answer 16

teletransmission

Question 17

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.

Answer 17

temporary exclusions

Question 18

temporary storage of goods under Customs control, pending lodgment of import entry for the shipment.

Answer 18

temporary storage of goods

Question 19

Customs premises where imported goods are temporarily kept pending lodgment of entry.

Answer 19

temporary stores

Question 20

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.

Answer 20

tender clause

Question 21

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.

Answer 21

tenor

Question 22

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

Answer 22

tentative liquidation

Question 22

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.

Answer 22

tentative release

Question 23

is the area where containers are stocked ready to be loaded into the vessel, or are stocked immediately after discharge from the vessel.

Answer 23

terminal