Tariffs and Customs Terms UV.1.130

Question 1

the quantities in which the major portion of a single sale, or for sale, are made, or the quantity in which the most frequent sales are made at a freely offered price, and in the ordinary course of trade.

Answer 1

usual wholesale quarantines

Question 1

unlawful assumption or possession of property of another.

Answer 1

usurpation

Question 1

marking for a ship’s voyage, usually followed by a hyphen and the ship’s voyage number.

Answer 1

V

Question 2

the quotient of used capacity and available capacity of a vessel or a means of transport.

Answer 2

utilization rate

Question 3

computerized valuation system devised by the Philippine Customs Valuation Center and Library.

Answer 3

ValSee

Question 4

refers to the CB approval of the arrangement shall be valid for the years.

Answer 4

validity period

Question 5

a consignment that contains one or more valuable articles.

Answer 5

valuation cargo

Question 6

a system of appraising a commodity’s value.

Answer 6

valuation

Question 7

a marine insurance clause that provides the basis for determining the insured value of a shipment under an open cover policy. It provides that a ship becomes a constructive total loss when damage by an insured peril, wherein the cost of repair would exceed the value of the ship itself.

Answer 7

valuation clause

Question 8

the utility or worth of an article. The term is usually preceded by the word “ Export”, “Fair Market”, “Home” Consumption”, “Transaction”, and usually defined in the document where it is found.

Answer 8

value

Question 9

the value added to commodities as they, pass through production, and distribution

Answer 9

value-added

Question 10

the manner of assessing a company’s current international business operations and assisting a client in any of the following areas: a) identifying and selecting most viable markets, b) developing export market strategy, c) implementing export market strategy, and d) increasing market presence.

Answer 10

value-added counseling

Question 10

a financial institution that facilitates transmission of electronic data among trade partners and provides settlement of payment and remittance transactions.

Answer 10

value-added bank

Question 11

a criterion of the rules of origin, which states that value of local materials, components, and processing must not be less than a certain percentage of the factor or work costs of the finished products. This criterion is applied by Australia, New Zealand, Canada, Czechoslovakia, Hungary and U.S.

Answer 11

value-added criterion

Question 11

an indirect tax that can be shifted or passed to the buyer, transferee, or lessee of goods, properties or services. It is imposed on every sale, barter, exchange, or transactions “deemed sale”, at 10% of the gross selling price. It is based on the total value, plus Customs duties, excise tax, if any, and other charges prior to release of goods or properties from Customs custody. In case Customs valuation in by volume or quantity, the total landed cost becomes use tax base for computing. If imported goods are subject to excise tax, it forms part of the tax base

Answer 11

Value-Added Tax

Question 12

a provider of interface services that connects with a getaway, like lease of communication lines from a common carrier. It allows others to use said services for a fee.

Answer 12

value-added network

Question 13

the value of imported goods declared by the importer or broker for Customs assessment purposes.

Answer 13

value declaration

Question 14

an insurance policy that specifies the agreed value of insured property. In the absence of fraud, such value is conclusive whether loss is total or partial.

Answer 14

valued policy

Question 15

the value submitted by the importer for entry documentation. This value may or may not reflect information from the manufacturer, and in no way reflects Customs appraisement of the merchandise.

Answer 15

Value for Customs Purposes Only

Question 16

pricing a kind of pricing based on: a) the value of product being transported, b) price discrimination, c) demand, and d) trade traffic.

Answer 16

value-of-service pricing

Question 17

the 5 Asia-Pacific Economic Cooperation (APEC) meeting held in Vancouver, Canada, in 1997, and agreed on: a) restoration of financial stability via stronger trade and investment liberalization, and liberalization of regional finance markets, b) adoption of Vancouver Frame-work for enhanced Public-Private Partnerships in Infrastructure Development, c) admission of Peru, Russia, and Vietnam to APEC, d) greater efforts at human resource development. And e) use of technology

Answer 17

Vancouver Summit

Question 18

expenses that vary in direct proportion to variation in the quantity of goods produced. These costs cover those spent for labor, materials, supplies, spoilage and wastage, electricity.

Answer 18

variable costs

Question 19

a tariff subject to change as world market prices vary. This ensures that the price of imported goods, after payment of duty, will equal predetermined “gate” price.

Answer 19

variable levy

Question 20

this means that the sale of goods or properties and/of services, and the use of lease o properties, is not subject to VAT (output tax) and the seller is not allowed any tax credit on VAT (input tax) previously paid. The person making the exempt sale of goods, properties, or service does not bill any output tax to his customers because the transaction is not subject to VAT. On the other hand, a VAT-registered purchaser of VAT-exempt goods and properties, or services exempt from VAT, is not entitled to any input tax on such purchase despite issuance of a VAT invoice or receipt.

Answer 20

VAT (Value-Added Tax) exemption

Question 21

include edible mushrooms, truffles, olives capers narrows, pumpkins, and sweet corn.

Answer 21

vegetables