Tariffs and Customs Terms WXYZ.1.135 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
deletion from the computer file of details of a shipment already released from Customs
writing off
total disregard by government of a taxpayer’s obligation.
writing off
a set of principles that provides members easy access to data on trade related environmental measures. These provisions attempt to give members more information on market opportunities to help prevent trade disputes, trade restrictions or distortions, and to ensure that trade and environment policies are implemented in the spirit of mutual support.
World Trade Organization transparency provisions
a committee of the American National Standards Institute responsible for developing and maintaining standards used in electronic data interchange.
X12
a small crane that lifts, moves, and stacks containers lowered by a quay crane
yard crane
a vessel’s small boat, moved by an oar.
yawl
failure of a ship to steer a straight course.
yaw (to)
yards and docks.
Y&D
a computer-based procedure whereby import documents are reviewed before release of cargo from Customs custody.
yellow lane
standards set of rules that defines the sacrifices and expenditures incurred in a general average and the proportionate share of a ship-owner or cargo owner with respect to the imperiled property during sea adventure. Originally known as the Glascow Resolutions of 1860, it became the York Rules, and then amended to what it is known now.
York-Antwerp Rules
principle of quality control that aims to produce goods without any defect.
zero defects
transactions of persons (registered under the Value-Added Tax Law) that do not result in any output tax but the input tax on their purchase of goods, properties and services, related to such zero-rated sale, is available as tax credit or refund. These sales include export sales, foreign currency denominated sales, and sales to persons or entities exempt under special laws. Thus, sales of firms registered with the Subic Bay Metropolitan Authority, Clark Development Authority, and Philippine Economic Zone Authority, or transactions made under international agreements (e.g. through the Asian Development Bank or International Rice Research Institute) are subject to:. Examples: 1. Processing, manufacturing or repacking of goods for other persons doing business outside the Philippines, which goods are exported, where the services are paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Central bank of the Philippines (CB); 2. Services other than those mentioned in no.1; 3. Services rendered to persons or entities whose exemption under special laws or international agreements subjects the supply of such services to zero-rate; 4. Services rendered to vessel’s engaged exclusively in international shipping; 5. Services performed by sub-contractors and/or conductors duly accredited by either the Board of Investments or the Export Development Council, in processing, converting, or manufacturing goods for an enterprise, which export sales exceed 70% of total annual production.
zero-rated sales
assessment at zero rate, which means that no value-added tax is levied on goods.
zero-rating
the particular period that transpires when two vessels collide. The first zone covers the entire period when a risk of collision occurs. The second zone covers the onset risk of collision up to the practical certainty of collision. And the third zone is from certainty of collision to actual impact.
zone
the rate at which a carrier undertakes to transport foods or containers between a place of delivery and a carrier’s terminal. It conforms to the conditions of the tariffs and transport documents
zone haulage rate
