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Foreign Exporter and Importer Definitions

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Foreign Exporter and Importer Definitions

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Questions and Answers

What is the main objective of filing Requests for Advance Rulings on valuation and rules of origin with the Bureau of Customs (BOC)?

To increase import tariffs for certain goods

To discourage importers and exporters from making informed decisions

To provide certainty and predictability to international trade (correct)

To ensure unpredictability in international trade

What is the significance of the Advance Ruling system established in line with international standards?

To make importers and exporters more confused about tariff classification

To discourage stakeholders' compliance with customs regulations

To complicate the customs compliance regime

To align with the standards set by the Revised Kyoto Convention and other international agreements (correct)

What is one of the goals of the Advance Ruling system in terms of increasing stakeholders' compliance?

To create loopholes for non-compliance

To complicate the rules for importers and exporters

To boost compliance by providing informed customs compliance regime (correct)

To discourage stakeholders from engaging with customs regulations

Who is considered an importer according to the text?

A natural person intending to bring in goods to the Philippines Signup and view all the answers

What is the deadline for filing an application for an Advance Ruling on Tariff Classification?

90 days before the date of importation or exportation Signup and view all the answers

What does the term 'importation' refer to in the text?

The act of bringing goods into the Philippines from a foreign territory Signup and view all the answers

What does Commission Order No. 2017-1 establish a procedure for?

Applying for an Advance Ruling on tariff classification Signup and view all the answers

Under which Act is the procedure for Advance Ruling on tariff classification established?

Customs Modernization and Tariff Act Signup and view all the answers

What does tariff classification refer to?

Determining the appropriate Harmonized System subheading for goods Signup and view all the answers

In what scenarios will applications for an Advance Ruling be accepted?

Regarding tariff classification of goods under CMTA Signup and view all the answers