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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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duty
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the amount of tax paid on an imported good: the duty is calculated using the tariff rate and the value of the goods and country of origin
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classification
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the process of determining what the correct Harmonized system number is for an import
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valuation
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the process of determingin the value of an import, or the amount upon which the duty will be calculated
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rules of origin
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the rules used to determine the country of origin of a particular product
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tariff
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the rate at which an import is taxed; the tariff rate is dependent on the classification of the goods, as well as their country or origin. the tariff rate is also called the duty rate
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primary method used by countries to limit exports
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quotas
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Quota
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a limit, set by the importing country's government, on tjhe quantity of a specific commodity that can be imported in a given year
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two forms:
absolute quota tariff-rate quota |
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three documents required in every country to make an entry
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entry form
certificate of origin commercial invoice |
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Most duty is collected ad valorem which means ___.
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it is based on the value of the import
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A value-added tax is eventually only paid by ___.
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the consumer
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Generally speaking, countries with scarce foreign currency resources will attempt to limit the granting of import licenses to companies that have generated export revenues and ___.
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companies purchasing goods for which no close domestic substitute is available
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In the Harmonized System of classification, an incomplete or unfinished product is classified ___.
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as the product it will be when finished
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Argentina, after being chastised by the World Trade Organization for having increased its duty rate on footwear, reduced them, and immediately reimposed them through a _____ tax designed to protect its footwear industry against foreign competition
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safeguard
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Non-tariff barriers may appear in the form of ___.
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a) requiring a special sticker to be applied to an imported product
b) slowing down Customs clearance processes c) multiplying the number of documents required for importing products |
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In most countries, the general process of clearing Customs begins with ___.
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entry form
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A time-sensitive shipment like an express package can be expedited through Customs by ___.
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a surety bond
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Documentation designed to indicate what country a product initially came from is contained in the ___.
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Certificate of Origin
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