Terms used in shipping such as Customs Invoice,Customs of the Port,Customs Tariff,Customs Union,Customs etc
This post explains about terms used in shipping such as Customs Broker,Customs Clearance,CUSTOMS COURT,Customs Duty,Customs House,Customs Invoice,Customs of the Port,Customs Tariff,Customs Union,Customs 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 shipping
Customs Broker:A private business that provides documentation and entry preparation services required by CCRA and U.S. Customs on behalf of an Importer/Exporter of Record. Hired by an importer to carry out Customs related responsibilities and is covered by Power of Attorney to act on behalf of the Importer/Exporter of record.
Customs Broker:An individual or company licensed by the government to enter and clear goods through Customs . The U.S. Customs Service defines a Customs Broker, as any person who is licensed in accordance with Part III of Title 19 of the Code of Federal Regulations ( Customs regulations) to transact Customs business on behalf of others. Customs business is limited to those activities involving transactions with Customs concerning the entry and admissibility of merchandise; its classification and valuation; the payment of duties, taxes, or other charges assessed or collected by Customs upon merchandise by reason of its importation, or the refund, rebate, or drawback thereof.
CUSTOMS BROKER:An individual or service company that transacts customhouse formalities on behalf of an importer. In the U.S.A., a customs broker must be licensed by the Treasury Department and pass a government examination covering a broad range of knowledge, including all phases of import regulations, rates of duties, and customs law. Licensing and requirements vary from country to country, so check with your local United Shipping Partner for details.
Customs Clearance:The procedures involved in getting cargo released by Customs through designated formalities such as presenting import license /permit, payment of import duties and other required documentations by the nature of the cargo such as FCC or FDA approval.
Customs Cooperation Council Nomenclature - A customs tariff nomenclature formerly used by many countries, including most European nations but not the United States. It has been superseded by the Harmonized System Nomenclature to which most major trading nations, including the U.S., adhere.
Customs Cooperation Council The CCC - (French: Conseil de Cooperation Dounaiere, CCD) is an international organization consisting of representatives of about 150 countries. The Council serve as a technical body which studies and seeks to resolve the various countries' customs problems in an attempt to harmonize customs operations and promote trade. The Council was established in 1950; headquarters are in Brussels, Belgium.
CUSTOMS COURT:The court to which importers must appeal or protest decisions made by customs officers.
Customs Declaration:A document that traditionally accompanies exported goods bearing such information as the nature of the goods, their value, the recipient and their ultimate destination. Required for statistical purposes, it accompanies all controlled goods being exported under the appropriate permit.
Customs Duty:A tax, duty or tariff levied at the time of import upon goods entering a country. Usually based on the value of the goods (ad valorem), on the physical nature of the goods such as quantity or weight, or on a combination of the value and other factors.
Customs Electronic Bulletin Board - The CEEB provides information on rulings, quotas, currency conversion rates, customs valutation provisions, directives, and other customs news. The CEBB is available without charge, 7 days each week at 202-376-7100 (9600 baud) with PC communication switches set to no parity, 8 bit words and 1 stop bit. Voice information may be obtained by calling 202-376-7039 .
Customs Entry:All countries require that the importer make a declaration on incoming foreign goods. The importer then normally pays a duty on the imported merchandise. The importer's statement is compared against the carrier's vessel manifest to ensure that all foreign goods are properly declared.
Customs Free Zone - See: Free Trade Zone.
Customs Harmonization - This is an international effort to increase the uniformity of customs practices such as evaluation, nomenclature and enforcement among countries. The Customs Cooperation Council has been working on an internationally accepted harmonized commodity system since 1970.
Customs House:A Government office where import duties, etc., on foreign shipments are handled.
Customs Import Value - This is the U.S. Customs Service appraisal value of merchandise. Methodologically, the Customs value is similar to f.a.s. (free alongside ship) value since it is based on the value of the product in the foreign country of origin, and excludes charges incurred in bringing the merchandise to the United States (import duties, ocean freight, insurance, and so forth); but it differs in that the U.S. Customs Service, not the importer or exporter, has the final authority to determine the value of the good.
Customs Invoice:A formal document used to clear goods through customs in the importing country by providing pertinent shipment information including but not limited to country of origin, description and value.
Customs Invoice:A document, required by some foreign countries' customs officials to verify the value, quantity, and nature of the shipment, describing the shipment of goods and showing information such as the consignor, consignee , and value of the shipment.
Customs Invoice:A form requiring all data in a commercial invoice along with a certificate of value and/or a certificate of origin. Required in a few countries (usually former British territories) and usually serves as a seller's commercial invoice.
Customs of the Port (Trade):A phrase often included in charter parties and freight contracts referring to local rules and practices which may impact upon the costs borne by the various parties.
Customs of the Port:A phrase often included in charter parties and freight contracts referring to local rules and practices which may impact upon the costs borne by the various parties.
Customs Self Assessment (CSA):Offers approved importers, approved carriers, and registered drivers the benefits of a streamlined clearance option for CSA eligible goods.
Customs Tariff - A schedule of charges assessed by the federal government on imported and/or exported goods.
Customs Union - A group of nations which have agreed to eliminate tariffs on goods traded among members while imposing common external tariffs on goods entering from outside the union. The European Common Market is the best known example.
Customs Union - An agreement between two or more countries to remove trade barriers with each other and to establish common tariff and nontariff policies with respect to imports from countries outside of the agreement. The European Community is the most well-known example. The two primary trade effects of a customs union are: (a) trade creation -- the shift from consumption of domestic production toward consumption of member imports and (b) trade diversion -- the shift from trade with non-member countries in favor of trade with member countries.
Customs Valuation Code - Formally known as the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade,'' this MTN agreement provides detailed rules for the determination of value for customs purposes. These rules are designed to provide a fair, uniform and neutral system of valuation based on transaction value and preclude the use of arbitrary or fictitious values.
Customs Valuation:The determination of the value of imported goods for the purpose of collecting ad valorem duties.
customs: A duty or tax on imported goods. These fees are a major bonus to the economy. In 1999, for example, the U. S. Customs Department collected over $22 billion in fees nationally, which went into the U.S. Treasury. The Customs Department also works to prevent the importation of illegal drugs and contraband.
Customs:Government agency charged with enforcing the rules passed to protect the country's import and export revenues.
Customs:The government service that is responsible for the assessment of import and export duties and taxes and administration of other laws and regulations that apply to the importation, transit and exportation of goods.This term is also used when referring to any part of the customs service or its main or subsidiary offices.This term is also used adjectivally in connection with customs officials, import or export duties control on goods, or any other matter within the purview of customs (customs officer, customs duties, customs office, customs declaration).
The above details describes about terms called in shipping such as Customs Broker,Customs Clearance,CUSTOMS COURT,Customs Duty,Customs House,Customs Invoice,Customs of the Port,Customs Tariff,Customs Union,Customs 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 shipping business below this post.Terms used in shipping such as Currency Adjustment Factor,Customhouse Broker,Customhouse Brokers, Customhouse
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