Tariffs and Customs Terms UV.1.130 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 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.
usual wholesale quarantines
unlawful assumption or possession of property of another.
usurpation
marking for a ship’s voyage, usually followed by a hyphen and the ship’s voyage number.
V
the quotient of used capacity and available capacity of a vessel or a means of transport.
utilization rate
computerized valuation system devised by the Philippine Customs Valuation Center and Library.
ValSee
refers to the CB approval of the arrangement shall be valid for the years.
validity period
a consignment that contains one or more valuable articles.
valuation cargo
a system of appraising a commodity’s value.
valuation
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.
valuation clause
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.
value
the value added to commodities as they, pass through production, and distribution
value-added
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.
value-added counseling
a financial institution that facilitates transmission of electronic data among trade partners and provides settlement of payment and remittance transactions.
value-added bank
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.
value-added criterion
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
Value-Added Tax
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.
value-added network
the value of imported goods declared by the importer or broker for Customs assessment purposes.
value declaration
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.
valued policy
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.
Value for Customs Purposes Only
pricing a kind of pricing based on: a) the value of product being transported, b) price discrimination, c) demand, and d) trade traffic.
value-of-service pricing
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
Vancouver Summit
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.
variable costs
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.
variable levy
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.
VAT (Value-Added Tax) exemption
include edible mushrooms, truffles, olives capers narrows, pumpkins, and sweet corn.
vegetables
