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As an Incoterm, CIF is broadly similar to the term CFR, with the exception that the seller is required to obtain insurance for the goods while in transit. CIF requires the seller to insure the goods for 110% of the contract value under Institute Cargo Clauses (A) of the Institute of London Underwriters (which is a change from Incoterms 2010 ...
Import parity price or IPP is defined as, “The price that a purchaser pays or can expect to pay for imported goods; thus the c.i.f. import price plus tariff plus transport cost to the purchaser's location. This and the export parity price together define a range of the possible equilibrium prices for equivalent domestically produced goods”. [1]
Customs valuation is the process whereby customs authorities assign a monetary value to a good or service for the purposes of import or export. Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety.
Bonell, Michael and Liguori, Fabio, 'The U.N. Convention on the International Sale of Goods: A Critical Analysis of Current International Case Law' (1997) 2 Revue de Droit Uniforme 385. CISG-AC Opinion No 2, Examination of the Goods and Notice of Non-Conformity – Articles 38 and 39, 7 June 2004.
The pre-export DEPB scheme was abolished w.e.f. 1/4/2000. Under the post-export DEPB, which is issued after exports, the exporter is given a duty entitlement Pass Book Scheme at a pre-determined credit on the FOB value. The DEPB rates allows import of any items except the items which are otherwise restricted for imports.
Goods valued up to US$500 [24] brought in by plane and up to US$300 by sea or land are free of duties and taxes, cellphones and laptop computers are duty free regardless of their value only one per passenger, clothing and other personal use items are free of taxes. Above those values, tax is 50% of the value of all acquired goods summed up.
Women in particular have found themselves facing the tough job of parting with things of great sentimental value, such an engagement ring from a deceased fiance, or big-ticket items that simply ...
The Central Government has imposed anti-dumping duties ranging from 24.66% to 147.20% of the CIF value on industrial laser machines imported from China. The duty applies to imports from China, regardless of the country of export. The anti-dumping duty will be in effect for 5 years from the date of notification, unless revoked or amended earlier.