Podcast Beta
Questions and Answers
Which of the following is NOT a declared policy of the State under SEC. 101?
What is the short title of Republic Act No. 10863?
Customs Modernization and Tariff Act (CMTA)
What is an 'Authorized Economic Operator' (AEO)?
An importer, exporter, customs broker, forwarder, or any entity accredited by the Bureau based on international standards
What does the term 'Abatement' refer to in the context of customs?
Signup and view all the answers
An __________ refers to the customs procedure applicable to goods leaving the Philippine territory intended to remain permanently outside it.
Signup and view all the answers
What is the role of the 'Bureau' as defined in this Act?
Signup and view all the answers
Study Notes
Title I: Preliminary Provisions
- Short title: Republic Act No. 10863 is called the "Customs Modernization and Tariff Act (CMTA)".
-
Declaration of policy:
- The State aims to enhance government revenue and make customs & tariff management fair and efficient.
- To facilitate international trade, prevent fraud, and modernize administration.
- This should be achieved by:
- Improving customs systems and processes.
- Implementing clear and transparent customs rules.
- Ensuring transparency and access to customs information.
- Collaborating with other government agencies and the private sector.
- Providing fair and timely remedies for customs grievances.
- Employing modern customs practices and ICT.
- Promoting professionalism and meritocracy in customs tax administration.
-
Definitions:
- Abatement: Reduction or cancellation of duties and taxes.
- Actual or Outright Exportation: Customs procedure for goods leaving Philippine territory permanently.
- Admission: Bringing imported goods into a free zone directly or through transit.
- Airway Bill (AWB): Transport document for airfreight specifying the consignee's right to claim delivered goods. Includes carriage contract, transport instructions, goods description, and charges.
- Appeal: Remedy for redress regarding Bureau actions, decisions, orders, or omissions through the Bureau, Finance Secretary, or court.
- Assessment: Process of determining duties, taxes, and charges on imported/exported goods.
- Authorized Economic Operator (AEO): Importer, exporter, customs broker, forwarder, etc., accredited based on WCO standards to facilitate trade and secure supply chains.
- Bill of Lading (B/L): Transport document issued by shipping lines specifying the consignee's right to claim delivered goods. Includes carriage contract, transport instructions, goods description, and charges.
- Bureau: The Bureau of Customs.
- Carrier: Person or entity transporting goods, like airlines, shipping lines, freight forwarders, and cargo consolidators.
- Clearance: Completing customs and other government formalities for goods entering for consumption.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers the key provisions of Republic Act No. 10863, known as the Customs Modernization and Tariff Act (CMTA). It explores the policy declarations, definitions, and the goals of enhancing revenue and improving customs processes. Test your knowledge on modern customs practices and their implications for international trade.