10 Questions
What goods are exempt from the payment of import duties?
Goods for which formalities have been complied with
Under what circumstances would goods be subject to forfeiture?
Goods used for purposes other than intended
Who promulgates the regulations for compliance with import duty exemptions?
The Commissioner with the approval of the Secretary of Finance
In what situation would a sale not be subject to the proviso of forfeiture?
Sale pursuant to a judicial order
What constitutes a fraudulent practice against customs laws?
Sale of goods without prior payment of duty
What is the consequence of selling goods for purposes other than what they were intended for, without prior payment of duty or tax?
The goods will be subject to forfeiture and the importation will be considered a fraudulent practice against customs laws
Under what circumstances would a sale not be subject to the proviso of forfeiture?
Sale pursuant to a judicial order or in liquidation of the estate of a deceased person
Who must approve the formalities prescribed in the regulations for compliance with import duty exemptions?
The Secretary of Finance
What happens if goods are sold, bartered, hired, or used for purposes other than what they were intended for without prior payment of duty or tax?
The goods will be subject to forfeiture and the importation will be considered a fraudulent practice against customs laws
What is the consequence of importing goods without compliance with the prescribed formalities for duty exemption?
The goods will be subject to forfeiture and the importer may face legal consequences
Test your knowledge of tax and duty deferment, preference, and exemption with this quiz on Conditionally Tax and/or Duty-Exempt Importation. Explore the regulations and formalities for goods exempt from import duties and enhance your understanding of this important aspect of trade and commerce.
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