Customs Terminologies

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What is the meaning of Abatement?

The customs procedure for goods leaving the Philippine territory

The reduction or diminution of duties and taxes (correct)

The process of bringing imported goods into a free zone

A transport document for airfreight

What is the purpose of an Airway Bill (AWB)?

To serve as a contract of carriage with carrier conditions (correct)

To specify the customs procedure for goods leaving the country

To document the admission of goods into a free zone

To abate duties and taxes on imported goods

What occurs when goods are transported out of the Philippine territory?

Admission of goods into a free zone

Abatement of duties and taxes

Issuance of an Airway Bill

Actual or Outright Exportation (correct)

What is Admission in the context of customs procedures?

The act of bringing imported goods into a free zone Signup and view all the answers

What is not a customs procedure according to the given text?

Import Declaration Signup and view all the answers

What is the function of an Authorized Economic Operator (AEO)?

To provide a seamless movement of goods through secure international trade supply chains Signup and view all the answers

What is the purpose of Conditional Importation under the Revised Kyoto Convention (RKC)?

To allow certain goods to be brought into a customs territory conditionally relieved from payment of import duties and taxes Signup and view all the answers

Who has the right to claim delivery of goods at the port of destination based on a Bill of Lading (B/L)?

Importer Signup and view all the answers

What does the term 'Clearance' refer to in customs procedures?

Completion of customs and other formalities to allow goods to enter or leave a territory Signup and view all the answers

Under what circumstances can goods be conditionally relieved from payment of import duties and taxes?

If they are imported for a specific purpose and intended for reexportation within a specified period Signup and view all the answers

Who is responsible for determining the amount of duties and taxes due on imported and exported goods?

The Assessment process Signup and view all the answers

What action does 'Appeal' refer to in the context presented?

Seeking redress before the Bureau, Secretary of Finance, or competent court for any grievances Signup and view all the answers

Who is referred to as the 'Carrier' in customs terminology?

Person transporting goods across international borders Signup and view all the answers

What role does a Customs Broker play in international trade?

Completing customs formalities for goods shipments Signup and view all the answers

What does the term 'Commission' refer to in customs procedures?

Referring to the Tariff Commission in customs terminology Signup and view all the answers

Customs Terminologies

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