Terms used in export business such as Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs

 

Terms used in export business such as Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs etc.

 

This post explains about terms used in export business such Countervailing Duties , Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs duty,Customs release,Customs Union ,Crowding out etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in export business

 

Countervailing charge :A charge which may be imposed by the European Commission (EC) either on certain goods from specified European Union (EU) member states during some months of the year or as part of a minimum import price system.

 

Countervailing Duties (CVD):Specific duties imposed on imports to offset the benefits of subsidies to producers or exporters in the exporting country.

 

Countervailing duty - It is a duty against imports of goods that are subsidized by the exporting country's government. This is designed to countervail the effect of the subsidy.

 

Terms used in export business such as Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs etcCountervailing Duty: An extra duty imposed by the Secretary of Commerce to offset export grants, bounties, or subsidies paid to foreign suppliers in certain countries by the government of those countries as an incentive to export.

 

Countries supporting international terrorism – In accordance with §6(j) of the Export Administration Act of 1979, as amended (EAA), the Secretary of State has determined that the following countries' governments have repeatedly provided support for acts of international terrorism: Cuba, Iran, North Korea, Sudan, and Syria.

 

Country of origin - It is a term used for the country where the merchandise was grown, mined or manufactured, in accordance with the regulations of the customs.

 

Country of Origin:The country in which a product or commodity is manufactured or produced.

 

CPT (carriage paid to) and CIP (carriage and insurance paid to) - Pricing terms indicating that carriage, or carriage and insurance, are paid to the named place of destination. They apply in place of CFR and CIF, respectively, for shipment by modes other than water.

 

CPT: carriage paid to (named place of destination). This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks.

 

Credit risk insurance - Insurance designed to cover risks of nonpayment for delivered goods. Compare Marine insurance.

 

Credit-risk insurance :Insurance for exporters designed to cover risks of non-payment for delivered goods.

 

Cross elasticity of demand - The change in the quantity demanded of one product or service impacting the change in demand for another product or service.

 

Crowding out - The possible tendency for government spending on goods and services to put upward pressure on interest rates, thereby discouraging private investment spending.

 

Currency appreciation - An increase in the value of one currency relative to another currency.

 

Currency board - Form of central bank that issues domestic currency for foreign exchange at fixed rates.

 

Currency substitution - The use of foreign currency (e.g., U.S. dollars) as a medium of exchange in place of or along with the local currency (e.g., Rupees).

 

Customhouse broker - An individual or firm licensed to enter and clear goods through customs.

 

Customs - The authorities designated to collect duties levied by a country on imports and exports. The term also applies to the procedures involved in such collection.

 

Customs - The government authorities responsible for the administration of Customs law of a country and the collection of duties and taxes.

 

Customs action code (CAC) :A code which indicates the action taken by Customs on either an entry or a request for removal.

 

Customs and excise warehouse :A warehouse separately approved for the deposit of goods liable to customs duty and excise duty.

 

Customs and Excise: UK Government department with responsibility for collecting VAT and other taxes and customs duties. It's also charged with preventing illegal imports of drugs, alcohol and tobacco smuggling and VAT and duties fraud.

 

Customs approved treatment or use :The placing of goods under a customs procedure, their entry into a free zone, their re-exportation from the customs territory of the European Union (EU), their destruction or their abandonment to the Exchequer.

 

Customs commodity code :Eight-digit commodity code required for exports outside the European Union (EU). It needs to be made in your customs export declaration. Sometimes known as the "first eight digits of the Customs Tariff number" or "CN (Customs nomenclature) code", it's also used as the basis for the import declaration in the country of destination.

 

Customs duty - Duty levied on the imports of certain goods. Includes excise equivalents Unlike tariffs customs duties are used mainly as a means to raise revenue for the government rather than protecting domestic producers from foreign competition.

 

Customs duty :A tax charged on goods imported into the European Union (EU). It is based on the value (ad valorem) or the quantity (specific) of the imported goods and the description of the goods.Remember that imported goods may be liable to other charges, such as Anti-Dumping Duty (ADD) or Common Agricultural Policy (CAP) charges. They may also be liable to Excise Duty and VAT.

 

Customs freight simplified procedures (CFSP) :Simplified procedures for the importation of third country goods, including the simplified declaration procedure (SDP) and the local clearance procedure (LCP).

Customs Handling of Import and Export Freight (CHIEF) :HM Revenue & Customs (HMRC) computerised system for processing import and export declarations.

 

Customs Invoice:A document specified by the customs authorities of the importing countries stating the selling price, costs for freight, insurance, packing and payment terms, etc, for the purpose of determining the customs value.

 

Customs procedure code (CPC) :A six digit code used on entries at import and export to identify the type of procedure for which the goods are entered and from which they came.

 

Customs procedures with economic impact (CPEI) :Customs Procedures with Economic Impact -a blanket term describing a number of Customs procedures which are specifically designed to aid European Union (EU) companies. Procedures covered include Inward Processing Relief (IPR), Outward Processing Relief (OPR), Rejected Imports, Returned Goods Relief (RGR), Community System of Duty Reliefs (CSDR), Temporary Importation Relief (TI), ATA Carnets, Customs Warehousing, End Use Relief, Free Zones.

 

Customs registered number (CRN) :Customs Registered Number -a unique 5 digit number assigned by HM Revenue & Customs to an exporter or agent approved to use one or more of the following export procedures: Simplified Clearance Procedure (SCP); Local Export Control (LEC) and Period Entry.

 

Customs release :The approval given by Customs that authorises a transit shed operator to deliver goods from the transit shed subject to such conditions the commissioners may impose.

 

Customs statistical reference (CSR) :A code which identifies both the type of export consignment and the type of documentation that goes with the consignment.

 

Customs union - It is the merger of two or more customs territories in a free trade zone with a Common External Tariff in order to establish an increased economic efficiency and closer political and cultural ties.

 

Customs Union :The Customs Territories of the European Union (EU), Turkey, San Marino and Andorra. The unions between the EU and these countries enable most goods in free circulation to move freely between them without the need to claim import duty relief, subject to the production of any necessary preference or community transit (CT) documentation. VAT is still due on imports from Turkey, San Marino and Andorra, however, unless the goods are eligible for relief.

 

The above details describes about terms called in export business such such Countervailing Duties, Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs duty,Customs release,Customs Union ,Crowding out etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in export trade below this post.continue reading: Terms used in export business such as Consolidation,Consumption ,Cost and freight , Countertrade 

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Comments


Chandra shekher Aazd : I m interested to import whey protein from USA/CANADA, will u pl let me know the procedure. whether import licence is required? what would be the custom duty n other taxes, freight, insurance etc at new delhi by air cargo.

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