CUSTOMS

A duty or tax on imported goods. The U.S. Customs Department also works to prevent the importation of illegal drugs and contraband.

customs duty tax

Related Terms

FLAG OF CONVENIENCE

Flags of nations which offer favorable tax structures and regulations. Ships registering under the laws of these nations are not always required to establish their home location in that country.

flags_of_convenience flag tax regulation vessel registering nation country

DUTY

A government tax on imported merchandise

duty tax

All Purchases, Sales and Exchanges involving third parties, or separate affiliated companies. Transfers using third party transportation.Transfers between business functions within an affiliate when there are legal, tax or significant product loss considerations.

custody_transfer third_party transportation product tax

FLAGS OF CONVENIENCE

The registration of ships in a country that offer favourable tax structures and regulations; also the flag representing the nation under whose jurisdiction a ship is registered. Ships are always registered under the laws of one nation but are not always required to establish their home location in that country. FOC states often offer low tax rates and their requirements concerning manning or maintenance are not stringent. The term always denotes registration of vessels in foreign nations.

flags_of_convenience ship low flag maintenance country tax nation

FOREIGN SALES CORPORATION

Under U.S. tax law, a corporation created to obtain tax exemption on part of the earnings of U.S. products in foreign markets.Must be setup as a foreign corporation with an Office outside the USA.

foreign_sales_corporation part tax

VALUE ADDED TAX

(VAT) - a form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

value_added_tax stage form tax

VAT

Value Added Tax - A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

vat stage form tax value_added_tax

TRANSIRE

The ship's customs warrant for clearing goods

transire customs_warrant customs goods

COCKET

The official shipping seal; customs clearance form

cocket seal customs_clearance_form clearance customs shipping form

ENTRY

A customs form used for the clearance of ships or merchandise.

entry customs_form clearance customs form