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Concept
Duty Drawback
Duty drawback
is a refund of
customs duties
, taxes, and
fees paid on
imported goods
that are subsequently exported or used in the production of
exported goods
. This
financial incentive
is designed to enhance the
competitiveness of domestic manufacturers
and exporters by
reducing the overall cost of production
and exportation.
Relevant Fields:
Public Revenue 60%
International Trade 30%
Buying and Purchasing 10%
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Concept
Customs Duties
Customs duties
are
taxes imposed on goods
when they are
transported across international borders
, serving as a
source of revenue for governments
and a
means to regulate trade policies
. They can affect the price and
competitiveness of imported goods
, influencing consumer choices and
domestic industries
.
Concept
Export Incentives
Export incentives
are
government policies
designed to encourage
domestic companies
to increase their
sales abroad
by making their products more competitive in
international markets
. These incentives can take various forms, including
tax reductions
, subsidies, and
financial assistance
, aiming to boost a
country's export volume
and improve its
trade balance
.
Concept
Import-Export Regulations
Import-Export Regulations
are a set of
rules and laws
that govern the
exchange of goods and services
across
international borders
, ensuring compliance with
national and international trade agreements
. These regulations are crucial for maintaining
fair trade practices
, protecting domestic industries, and ensuring the
safety and security of goods
.
Concept
Supply Chain Management
Supply chain management
encompasses the
planning and oversight
of all activities involved in sourcing, procurement, conversion, and
logistics management
. It aims to optimize the flow of goods, information, and finances from
raw material suppliers
to
end consumers
,
enhancing efficiency
and
customer satisfaction
.
Concept
Trade Compliance
Trade compliance
refers to the adherence to
laws and regulations
governing
international trade
, ensuring that
businesses operate
within
legal frameworks
and avoid
penalties or sanctions
. It involves
understanding complex regulations
, including
import/export controls
, sanctions, and tariffs, to facilitate
lawful and efficient trade operations
.
Concept
Tariff Classification
Tariff classification
is the process of
categorizing goods
based on a
standardized international system
to determine the
applicable tariffs
and duties for imports and exports.
Accurate classification
is crucial for compliance with
trade regulations
and to avoid
potential penalties
or delays in
customs clearance
.
Concept
Trade Facilitation
Trade facilitation
refers to the simplification, modernization, and
harmonization of international trade procedures
to reduce costs and improve the efficiency of cross-border trade. It involves a wide range of activities, including
streamlining customs procedures
, improving logistics and infrastructure, and enhancing the transparency of trade regulations.
Concept
International Trade Law
International trade law
governs the
rules and customs for handling trade
between countries, ensuring
fair and equitable practices
while promoting
global economic cooperation
. It encompasses a variety of
agreements and treaties
that address tariffs, trade barriers, and
dispute resolution mechanisms
to facilitate smooth
international commerce
.
Concept
Economic Policy
Economic policy
encompasses the
strategies and actions
that governments employ to manage their
country's economy
, aiming to achieve goals such as growth, stability, and equity. It involves decisions on taxation, government spending,
monetary policy
, and
trade regulations
to influence
economic performance
and
societal welfare
.
Concept
Customs Regulations
Customs regulations
are
government-imposed rules
and
procedures that control the import and export of goods
across
international borders
, ensuring
compliance with national laws
and
facilitating trade
. They encompass tariffs, duties, and restrictions, and are crucial for maintaining
economic security
,
protecting domestic industries
, and
preventing illegal trade activities
.
Concept
Customs Compliance
Customs compliance
involves adhering to the laws, regulations, and procedures governing the
import and export of goods
across
international borders
. It is essential for businesses to avoid penalties, ensure smooth
trade operations
, and maintain a
good reputation
with
regulatory authorities
.
Concept
Duty Assessment
Duty assessment
is the process of determining the amount of
customs duty
to be paid on
imported goods
, based on factors such as classification, value, and origin. It ensures
compliance with trade regulations
and affects the
cost of goods
in
international trade
.
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