Keep up-to-date with our A to Z glossary of Trade terminology. Click on one of the index letters to view terminology and detailed explanations.
| A |
| Animal and Plant Health Inspection Service (APHIS) | Regulatory agency within the US Department of Agriculture responsible for enforcing regulations, documentation and certification requirements related to the import or export of animals and plants into and out of the United States. See APHIS website |
| Anti-dumping duty (ADD) | The selling of products on that market below the price the products are sold on the exporter's market. To prevent dumping, the importing country may install duties to prevent the exporter from offering products at prices that undermine the import market. Dumping can be installed on a specific or Ad Valorem basis. Dumping duties can be manufacturer specific, related to the transaction price, installed on a temporary (pending investigation) or permanent basis.
See Also:
Duty,
Tariff,
Countervailing duties (CVD) |
| B |
| Bill of Lading or Ocean Bill of Lading | A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. It serves as a document of title, contract of carriage, and a receipt for goods. It may also be used as an instrument of ownership and can be bought, sold, or traded while the goods are in transit. The Bill of Lading is similar to an Air Waybill. |
| Boycott | See Also: Embargo |
| Brussels Tariff Nomenclature (BTN) | An international tariff classification system used until 1976 when it was renamed the 'Customs Cooperation Council Nomenclature' (CCCN). CCCN was the tariff nomenclature used by most trading nations prior to January 1988, when the Harmonized System (HS) came into existence. |
| Bureau of Industry and Security (BIS) | Part of the Department of Commerce, BIS is responsible for developing the regulations governing exports from the United States. In 1996, the bureau developed new Export Administration Regulations (EAR) intended to simplify the old regulations. These new regulations specifically define goods banned from export and where an export License is required. These Licenses generally apply towards items sensitive from a national security perspective or where there are restrictions on dealing with certain countries. See BIS website
See Also: Export Control Classification Numbers (ECCN) |
| C |
| Carnet or ATA Carnet (admission temporaire) | A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration or similar purposes) without paying duties or posting bonds. All of the goods travelling under a Carnet must be returned to the origin country to avoid penalties. The most common type of carnet, the "ATA Carnet", is accepted in more than 40 countries. |
| Certificate of Inspection | A required document which states the merchandise is in good condition prior to shipment. It may include the product's classification, quantity, description, sales price, condition, origin, and quality of a product. The certificate of inspection is issued either by the authorizing agency of the government or an accredited inspection company that has been officially recognized as such by the importing country. |
| Certificate of Insurance | A document in which a producer specified that his goods are insured. |
| Certificate of Manufacture | A statement in which a producer specifies where his goods were manufactured and certifies that manufacturing has been completed. |
| Certificate of Origin (COO) | A document containing an affidavit indicating that the shipped goods, or a major percentage of them, originated and were produced in the exporter's country. A COO is used for customs purposes, foreign exchange purposes, or both. COO's are commonly certified by an official Organization in the country of origin, such as a consular office or a chamber of commerce. |
| Certificate of Weight | Official document stating the weight of the goods mentioned thereon. |
| CIFD | Cost + Insurance + Freight + Duty |
| Classification | - Import Classification—The determination of the correct tariff number in a Customs tariff for admissibility and duty purposes.
- Export Classification—The determination of the correct export classification number, based on the laws and regulations of the country of export. For example, in the US, every good exported must bear an ECCN or Export Classification Control Number (formerly known as Export Control Commodity Number). ECCN identifies category, product group, type of control, and country group level of control for the product. In the US, the Bureau of Export Administration oversees ECCN and export regulation.
See Also:
Compliance,
Export Control Classification Numbers (ECCN) |
| Commerce Control List (CCL) | Refers to a US database of all items-commodities, software, and technical data subject to BIS export controls. It incorporates not only the national security controlled items, but also items controlled for foreign policy (i.e., biological warfare, nuclear proliferation, missile technology, regional stability, and crime control) and short supply. The list is divided into 10 general categories: (1) materials, (2) materials processing, (3) electronics, (4) computers, (5) telecommunications and cryptography, (6) sensors, (7) avionics and navigation, (8) marine technology (9) propulsion systems and transportation equipment, and (10) miscellaneous.
See Also: Documentation |
| Commercial Invoice (CI) | A document required for importing and exporting, usually including all the terms of sale. The Commercial Invoice is essentially a bill for the goods, issued by the seller to the buyer. These invoices are often used by governments to determine the true value of goods for the assessment of customs duties, and are also used to prepare consular documentation. Governments using the commercial invoice to control imports often specify its form, content, number of copies, language to be used, and other characteristics. |
| Commodity Classification Automated Tracking System (CCATS) | This is the code number assigned by the US Bureau of Industry and Security to products that it has classified against the Commerce Control List. Microsoft provides the CCATS number for all of its products classified 5D002. We provide the CCATS because some encryption exports require post-shipment reporting to BIS and the CCATS is a mandatory element of these reports. |
| Compliance | Non-tariff related laws, rules, and regulations that traders must abide by in order to import or export to/from a country. Non-compliance with import or export regulations, like non-payment of duty, carries with it fines, penalties, and even imprisonment. - Import Compliance—General and specific regulations that apply to all goods imported into a country. Import compliance includes correctly completing and filing documents (both general and goods-specific documents) and marking and Labeling of goods (including testing for compliance with national or international standards).
- Export Compliance—General and specific regulations that apply to all goods exported from a country and all export transactions. Export compliance includes correctly completing and filing documents, correctly classifying a good for export, obtaining all necessary export Licenses for controlled goods (e.g., hi-tech goods), and screening (i.e., ensuring that all parties to the transaction may legally participate).
See Also: Classification |
| Compound Duty | A duty calculated based on both the value of the goods as well as the weight, volume or number.
See Also: Duty |
| Consignee | See Also: Receiver |
| Consignor | See Also: Shipper |
| Consular Invoice | A document, required by some foreign countries, describing a shipment of goods and showing information such as the consignor, consignee, and value of the shipment. Certified by consular official of the foreign country, it is used by the country's customs official to verify the value, quantity, and nature of the shipment. |
| Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) | Known as CITES, the Convention on International Trade in Endangered Species of Wild Fauna and Flora, entered into force on 1 July 1975 and now has a membership of 152 countries. These countries act by banning commercial international trade in an agreed list of endangered species and by regulating and monitoring trade in others that might become endangered (Convention Text). Trade in CITES goods often requires special documentation and reporting requirements. See CITES website |
| "Cost, Insurance, and Freight (CIF)" | See Also: INCOTERMS or International Commercial TERMS |
| Countervailing duties (CVD) | A duty unilaterally imposed by a national government against specific products from certain countries in order to offset improper subsidies provided by the government of that country. Also known as retaliatory duties, CVDs are imposed only after a lengthy and complex countervailing duty investigation. Recent examples: the US imposed $191.4 million in retaliatory duties on products from the EU following a WTO investigation that concluded the EU unfairly discriminates on banana produced by US owned firms.
See Also:
Duty,
Anti-dumping duty (ADD) |
| Country of Origin | Country of origin or source country - country where the goods are manufactured, produced or sourced from nature. The country of origin can be the country where, according to the origin rules of the importing country, the goods originate. |
| Customs Administration or Customs Service | A government authority designated to regulate the flow of goods to/from a country and to collect duties levied upon imports and exports. The term also applies to the procedures involved in such collection. Customs' key areas of responsibility include (1) examination of all merchandise entering the nation and (2) collection of duty on imports. Customs administrations enforce the laws of multiple government agencies. For example, the US Customs Service administers more than 400 laws for over 40 agencies, including the Fish and Wildlife Service, the Food and Drug Administration, the Federal Trade Commission, and the Consumer Product Safety Commission. |
| Customs Value | Refers to the value of imported goods for Customs and duty purposes. Customs value is assigned to merchandise at the time of entry and can be calculated in a number of ways, but the preferred customs valuation method (or appraisement) is transaction value. |
| D |
| Denied Parties | Refers to multiple parties denied export privileges by the US Bureau of Export Administration and the Office of Foreign Assets Control. These Parties are subject to various economic sanctions programmes. The US government maintains three lists used for screening against denied parties: See Commerce Department Denied Persons List, See Commerce Department Entity List, See Treasury Department Specially Designated Nationals List |
| Destination Control Statement | Any of various statements that the US government requires to be displayed on export shipments that specify the destination for which export of the shipment has been Authorized. |
| Documentation | Documentation refers to the broad range of documents that are required in international trade and transportation.
See Also: Commerce Control List (CCL) |
| Drawback or Duty Drawback | Drawback is a method through which a US importer can claim a duty refund on imported products that are re-exported. The exporter is entitled to claim the drawback but they can assign the rights to another party. In most cases, 99 percent of the duty is refunded but none of the other fees such as Harbor maintenance, anti-dumping or merchandise processing fee are refunded. All documentation surrounding the original export and subsequent export, as well as accounting and inventory documents, need to accompany the drawback documents which vary depending on type of claim and product. US Customs encourages electronic filing of drawback claims. Money is refunded within 3 weeks if all necessary requirements are met.
See Also: Duty |
| Duty | A tax imposed on imports (and exports, although rare) by the Customs authority of a country. Generally, duties are based on the value of the goods ("Ad Valorem duties").
See Also:
Anti-dumping duty (ADD),
Countervailing duties (CVD),
Preferential Duty,
Specific Duty,
Compound Duty,
Drawback or Duty Drawback |
| E |
| Embargo | A prohibition on exports or imports, either with respect to specific goods or specific countries. Historically, embargoes have been ordered most frequently in times of war, but they may also be applied for political, economic, or sanitary purposes. Embargoes imposed against an individual country by the United Nations (or a group of nations) in an effort to influence its conduct or its policies are sometimes called sanctions. Refers to a restriction or prohibition on exports or imports with respect to either the specific products or specific countries. |
| Enhanced Proliferation Control Initiative (EPCI) | Product being shipped and is destined to be used in a missile-related activity which requires an Individual Validated License prior to shipping from the US. |
| Excise Tax | A selective tax, sometimes referred to as a consumption tax, excise tax is generally assessed on very specific goods, such as tobacco, liquor and perfume.
See Also: Value Added Tax (VAT) |
| Export Administration Regulations (EAR) | The EAR is issued by the United States Department of Commerce, the Bureau of Industry and Security, BIS. The export control provisions of the EAR are intended to serve the national security, foreign policy, non-proliferation and short supply interests of the United States and, in some cases, to carry out its international obligations. |
| Export Control Classification Numbers (ECCN) | Export Control Classification Number refers to a number assigned by the U.S. Department of Commerce, Bureau of Industry and Security (BIS) in the Commerce Control List (CCL). ECCN is synonymous with ECN (Export Control Number) which is used by the rest of the signatory nations. This is the fundamental designation indicating the level of control for an item. Every product has an export control classification number (formerly: Export Control Commodity Number) within the Commerce Control List. Each ECCN consists of five characters that identify the category, product group, type of control, and country group level of control. Products can fall under any of the ECCN number, for example: - 4A001 —Electronic computers and related equipment, and electronic assemblies and specially designed components therefor
- 2A001—Anti-friction bearings and bearing systems, as follows, (see List of Items Controlled) and components therefor
- 5A001—Telecommunications systems, equipment, and components
See Also:
Bureau of Industry and Security (BIS),
Classification |
| Export Duty | A tax imposed on exports by some countries. |
| Export License | A License required from the exporting authorities that allows the exporter to ship his products. Export Licenses are usually related to export of sensitive goods, such as military or dual-use goods, textiles, agricultural goods. Export Licenses can also be installed to satisfy the importing countries controls; by requiring export Licenses in order to obtain an import License, a system of double checking is created that, especially in quota situations, will prevent the exporting country from manufacturing too many goods for import into countries that have installed quota measures. An export License is often required when a government places restrictions upon exports. - Validated Export License—A US document issued by the government Authorizing the export of commodities for which written export Authorization is required by law. Two types exist: an Individual Validated License and a Special License.
- No License Required (NLR) —Most US exports do not require a License, but even so, this must be noted on the Shipper's Export Declaration. Specifically, Block 21 on the SED asks for the License required for the product. In most cases "NLR," which stands for "No License Required," will suffice.
- License Exception—Under part 740 EAR, it is stipulated under what conditions products that typically are subject to licensing can be exported or re-exported without a License.
|
| F |
| FDA Approval | The US Food and Drug Administration (FDA) enforce several regulations (e.g. Labeling, health related issues, foods). Import of specific products (for example pharmaceuticals, food) is subject to approval of the FDA. |
| Free carrier (FCA) | See Also: INCOTERMS or International Commercial TERMS |
| Free on Board (FOB) | See Also: INCOTERMS or International Commercial TERMS |
| G |
| General Export License | A License for all exporters to export a certain item from the U.S. The individual exporter does not need to apply for the License but such a License must exist. |
| General Prohibitions | General prohibitions relate to US exports. Part 736 of the EAR lists 10 prohibitions that subjects to EAR certain exports, re-exports, and other conducts, when there is no License, License exception or determination that no License is required (NLR). |
| Generalized System of Preferences (GSP) | The Generalized System of Preferences, GSP, refers to non-reciprocal trade concessions under which Industrialized countries give preferential treatment (e.g. lower duties) to manufactured goods imported from certain developing countries. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. A national tariff will generally include a column of "preferential" duty rates that apply to goods originating in specific developing nations. For a summary of various Industrialized nations' GSP programs, See UNCTAD website
See Also: GSP Form A |
| Grey List | A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. |
| GSP Form A | The Certificate of Origin is required to claim GSP treatment.
See Also: Generalized System of Preferences (GSP) |
| H |
| Harbor Tax | Harbor Tax is usually levied for either import or export of goods by sea. |
| Harmonized Code | An internationally accepted and uniform description system for classifying goods for customs, statistical, and other purposes. |
| Harmonized System (HS) | The Harmonized System is the basis for Customs tariffs and international trade statistics in more than 100 nations. The Harmonized Commodity Description and Coding System (Harmonized System or HS) is an international commodity classification (six digit) developed under the auspices of the Customs Cooperation Council (now the World Customs Organization). "Harmonized" refers to the fact that the categories, descriptions, general rules of interpretation, and 6-digit codes for goods are the same across signatory nations.
See Also: Schedule B |
| Harmonized Tariff Schedule of the United States (HTSUS) | Published by the U.S. International Trade Commission, the HTSUS is an Organized numeric listing of goods and duty rates used by the U.S. Customs Service to classify imports, to determine the duty rate of those imports and to assemble statistics. HTS is based on the international Harmonized System Convention. |
| I |
| Immediate Transportation Entry (IT) | A Customs form, declaring goods for transportation are being carried by a bonded carrier; merchandise can be shipped from a port of entry to a bonded warehouse at an inland port, or another port of entry. |
| Import License | A document required and issued by some national governments Authorizing the importation of goods. A certificate issued by countries exercising import controls permitting importation of the articles stated in the License and often Authorizes and/or releases the funds in payment of the importation. |
| INCOTERMS or International Commercial TERMS | First created in 1936 by the International Chamber of Commerce, INCOTERMS are uniform, internationally Recognized foreign trade terms that refer to the type of agreement for the purchase and shipping of goods internationally. There are 13 different terms, each of which helps users deal with different situations involving the movement of goods. In the end, however, the terms wind up boiling down to a few basic specifics: 1) Costs: who is responsible for the expenses involved in a shipment at a given point in the shipment's journey? 2) Control: who owns the goods at a given point in the journey? 3) Liability: who is responsible for paying damage to goods at a given point in a shipment's transit? Commonly used INCOTERMS include: - Cost, Insurance and Freight (Named port of destination)(CIF)—Example: "CIF Tokyo." A shipping term included in contract of sale, CIF indicates that the seller agrees to take full responsibility for delivering the goods to the port of loading, clear the goods for export, and arrange and pay for transportation and marine insurance over the goods to the named port of discharge, such costs being included in the price of the goods. Nonetheless, all risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship's rail at the port of loading. It is up to the buyer to arrange transportation from the port of discharge.
- Free on board (Named port of shipment) (FOB)—Example: "FOB Long Beach." Or "FOB [Airport]". A shipping term included in a contract of sale, FOB indicates that the seller fulfils his obligation to deliver when the goods have passed over the ship's rail at the named port of shipment, all costs of inland transportation and loading being included in the price of the goods. The buyer has to bear all costs and risks of loss of or damage to the goods from that point.
- Free carrier (Named port of export) (FCA)—Replaces the former term "FOB named inland port" to designate the seller's responsibility for the cost of loading goods at the named shipping point. May be used for multi-modal transport, container stations, and any mode of transport, including air.
- Ex Works (Named point of origin) (EXW)—Example: ex factory, ex mill, ex warehouse). Under this term, the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at a specified place on the date or within the period fixed. All other charges are for the account of the buyer.
- Delivery Duty Paid (DDP)—A shipping term where the shipper/exporter/seller is responsible for all shipping and clearance through Customs for ultimate delivery to the consignee; this transaction makes the shipper/exporter/seller responsible for cost and risk of loss during the entire transaction.
|
| Insurance Charge | Charges related to the insurance of a shipment. The fees may include: Credit Risk Insurance— Insurance available to the consignor, exporter, or a third party guaranteeing the risks for non-payment of delivered goods. Particular Average— Insurance covering partial loss or damage to goods. Perils of the Sea— Insurance covering heavy weather and sea water damage All Risk Insurance— International insurance which provides against all risks of physical loss or damage from any external cause. |
| K |
| Kyoto Convention | The "Harmonized System" went into effect around the globe on January 1, 1988, following the adoption by many nations of the "Kyoto Convention." |
| L |
| Landed Cost | The cost of the exported product at the port or point of entry into the foreign market, but before the addition of non-import related foreign taxes, local packaging/assembly costs and local distributors' margins. Product modifications prior to shipment are included in the landed cost. |
| O |
| Other Government Agencies (OGA) | OGA's are other government agencies than the customs authorities that require documentation, duties, or screening processes for importing goods into a country. The term is specifically used in the USA, and refers to Organizations such as the FDA, EPA, etc. |
| P |
| Packing List | Document stating what has been packed in the shipment; prepared by the shipper and used to assist in Customs clearance, on an 'as needed' basis. |
| Phytosanitary Inspection Certificate | A certificate issued by an exporting country's Department of Agriculture indicating that a shipment has been inspected and is free of harmful pests and plant diseases. A "phyto" can be issued only for fruits, vegetables, and other plant products. Imports of meats, poultry, seafood, and processed/prepared foods do not require a phyto but instead require other types of inspection documents. In the US, the US Department of Agriculture's Animal and Plant Health Inspection Service (APHIS) issues a phytosanitary certificate. Specifically, APHIS' Plant Protection and Quarantine Division issues a PPQ Form 577. Also known as a Sanitary Certificate. |
| Preferential Duty | A duty calculated based on the value of the goods as well as the origin. Preferential duty rates given to goods originating in fellow WTO member states as well as to good originating in certain developing countries.
See Also: Duty |
| Pro-forma Invoice | An invoice issued for completion of formalities such as shipping. Contains the information of the agreement between the parties.
See Also: Documentation |
| Q |
| Quota | A quantity restriction on the amount or value of certain merchandise that may be imported/exported over a set period of time. Quotas are established by legislation, by directives, and by proclamations issued under the authority contained in specific legislation. Goods commonly subject to quota include textiles and agricultural products. - Import Quota—A restricted amount of certain types of goods entering a country, usually maintained through licensing importers, assigning to each a quota, after determining the amount of goods or commodities allowed for that period. The license may also state the country from which the importer is allowed to buy, thus restricting free trade, but many times adopted by governments because of internal pressures from certain industries worried about competition. In the US, the Quota System is part of US Customs' Automated Commercial System, which administers quota levels (quantities Authorized) and quantities entered against those levels. See also ACS and ELVIS under heading Automated Systems. There are two types of import quotas may be divided into two types: absolute and tariff-rate.
- Absolute quotas —are quantitative, meaning that no more than the amount specified may be permitted entry during a quota period. Some absolute quotas are global, while others are allocated to specified foreign countries. Imports in excess of a specified quota may be held for the opening of the next quota period by placing it in a foreign trade zone or by entering into a bonded warehouse, or, it may be exported or destroyed under Customs supervision.
- Tariff Rate Quotas (TRQ)—A mechanism that allows certain quantities ("quotas") or values of an item to enter a country at a reduced duty rate over a specific period of time. After the specific quantity or value threshold is met, other items may be imported but the duty rate will be higher. The U.S. Customs Service administers import controls on certain cotton, wool, man-made fiber, silk blend and other vegetable-fiber articles manufactured or produced in designated countries. In addition to textile goods, TRQ's are common on milk and cream, anchovies, brooms, including corn brooms, ethyl alcohol, olives, mandarin oranges, tuna, upland cotton, tobacco, and wheat gluten. Import quotas are reviewed annually.
- Export Quota—Specific restrictions or target objectives on the value or volume of exports of specified goods imposed by the government of the exporting country. These restraints may be intended to protect domestic producers and consumers from temporary shortages of certain materials, or as a means to moderate world prices of specified commodities. Commodity goods often subject to export quotas through 'voluntary restraint agreements'.
- Visa—In reference to quota, a visa control exports from the country of origin. Visa Authorizations are received from other countries and quantities entered against those visas are transmitted back to them. Control of visas and quotas simplify reconciliation of other countries' exports and U.S. imports.
|
| R |
| Receiver | Individual or company to whom a seller or shipper sends merchandise and who, upon presentation of necessary documents, is Recognized as the merchandise owner for the purpose of declaring and paying customs duties. Also known as the consignee. |
| S |
| Sanction | See Also: Embargo |
| Schedule B | Term commonly used by US trade professionals to refer to the commodity description number assigned to goods at the time of export. Effective 1979 to January 1989, the US export statistics were initially collected and compiled in terms of the commodity classifications in "Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States." Schedule B was a US Bureau of the Census publication and, during this period, was based on the framework of the HTSUS. In January 1989, Schedule B based on the Harmonized System replaced Schedule B of the Census Publication.
See Also: Harmonized System (HS) |
| Shipper | The person whose name appears on the Air Waybill as the party contracting with the carrier of the goods; formerly known as the consignor. |
| Shipper's Export Declaration (SED) | Primary export document required for commercial shipments out of the US. The information contained on an SED is transmitted electronically to the Bureau of Export Administration and to the US Census Bureau, responsible for export control and official US export statistics, respectively. SED filing is required for shipments exported from the US where the value of any single is greater than $2500. SED filing is also required for shipments originating from US firms' subsidiaries abroad. SEDs must be prepared, regardless of value, for all shipments requiring a validated export License or destined for countries prohibited by the Export Administration Regulations. SEDs are prepared by the exporter and the exporter's agent and delivered to the exporting carrier (e.g., post office, airline, or vessel line). The exporting carrier presents the required number of copies to US Customs at the port of export. |
| Shipper's Letter of Instructions (SLI) | A document that provides instructions from the shipper to the freight forwarder. It normally contains information such as shipment mode, payment method, and any other special instructions. In the US, one shipping document doubles for both SLI and SED: the top page is the SLI and the remaining pages, separated by carbon paper, is the Shipper's Export Declaration or SED, which is then submitted to US Customs when the goods are exported. |
| Single Administrative Document (SAD) | Primary document used for import, export, and transit in into, out of, and through the European Union. The SAD is the EU's most important trade document. The SAD replaced the various (national) forms for customs declaration within the European Community, implemented on January 1st, 1988. The introduction of the SAD constitutes an intermediate stage in the abolition of all administrative documentation in intra European Community trade in goods between member states. |
| Specific Duty | A duty that is calculated on the basis of measurement as specified by Customs, i.e. weight, volume, quantity or size. For example: a duty of $2 per Kilogram of a good is termed a specific duty.
See Also: Duty |
| Standard International Trade Classification (SITC) | A standard numerical code to classify commodities shipped in international trade; developed by the United Nations. |
| T |
| T-1 Document | Document used in the EU for in-bond transportation. |
| T-2 Document | Document formerly used in the EU for Community transit. |
| Tariff | A general term for any listing of rates, charges, etc. A tariff most frequently encountered in foreign trade is the customs tariffs of the various countries, which list goods that are duty free and those subject to import duty, giving the rate of duty in each case. - Tariffs of international transportation companies—Refer to set rates charged by operating on sea, land, and in the air
- Customs tariff or Tariff Schedule—A comprehensive list of the goods that a country may import and the import duties applicable to each product. The tariff schedule may also contain other information required for import of all goods.
See Also: Anti-dumping duty (ADD) |
| Tariff Barrier | Fees and special taxes on imports that drive up the landed cost of the imported goods. |
| TIR Carnet | Transit International Routier (TIR)—Used for the transport of merchandise in road vehicles or in containers, even if the containers, without being loaded on road vehicles, are carried by other means of transport for part of the journey between the customs offices of departure and destination. |
| Transportation Charge | Fees related to transportation. The fees may include: - Agency Fee—Fee payable by a ship-owner or ship operator to a port agent.
- Bunker Surcharge (BSC)—An extra surcharge by the carrier to adjust for temporary higher fuel costs. Also called fuel surcharge.
- Destination Delivery (DDC) —Unloading charges at destination port of a steamship line or NVOCC.
- European Zone (EZC) —A charge for inland haulage transport in case of carrier haulage in Europe.
- Surcharge—An additional charge added to the usual or customary freight.
|
| U |
| United Nations Standard Products and Services Classification (UN/SPSC) | The UN/SPSC is a coding system in an open, global electronic commerce standard that provides a logical framework for classifying goods and services. The UN/SPSC is designed to serve three primary functions: - Resource Discovery—Identification of relevant supplies or a specific product or service;
- Expenditure Analysis—Reporting on the use of funds;
- Product Awareness—Integration of one's products or services into the common nomenclature that prospective customers use to search for products and services.
|
| V |
| Validated Export License | A document issued by the US government Authorizing the export of controlled commodities. |
| Value Added Tax (VAT) | Generally, VAT refers to an indirect tax assessed on the increase in value of a good from raw material stage to final product for consumption. Typically, VAT is levied on any stage of the production process and on services. However, VAT is only a net cost to the final consumer. Usually, if a company incurs a VAT charge, it is a deductible input VAT that can be either off set against the VAT the company charges on its output. The differential is to be submitted to the authorities (if output VAT is more than input VAT), or (if output VAT is less than input VAT) the company can obtain a refund. If a negative balance in VAT does not result in a refund, the government will usually allow this loss to be carried forward, as to enable the company to offset the input VAT at a later time against output VAT. VAT can also be referred to as consumption tax, consumer tax, products and services tax.
See Also: Excise Tax |
| W |
| Wassenaar Arrangement | The Wassenaar arrangement is an agreement between Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, the Russian Federation, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States, on the control of exports of dual use goods. See Wassenaar Arrangement website |
| Weight Per Unit | The net weight of each unit of a product, not including packing materials. |
