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Importing into USA

Duty Is the amount of tax paid on an imported good.
Amount of duty an importer has to pay is determined by three facts. The type of goods(classification), the value of the goods(valuation) and the country from which the goods originated (rules of origin)
Tariff Is the rate at which an import is taxed; the rate is dependent on the classification of the goods, as well as their country of origin.
The correct classification of an imported good is generally made by? The importer and then verified by the customs office.
Comparative method The dutiable value of the goods is based upon the value of identical or similar goods imported in similar quantity to the same country.
Deductive method The value of the goods is determined from the price at which identical or similar goods are sold within 90 days of importation in the importing country, using "normal" markups in the distribution channel.
Computed or reconstructed value method The value of the goods is determined by computing the manufacturing costs of the goods, adding customary expenses for overhead, as well as a reasonable profit.
Method of last resort Customs use well-trained and well-informed customs officials to determine the value of the goods imported; no specific guidelines are given, other then that the valuation cannot be arbitrary.
Substantial transformation The country of origin of a computer has been based on the country of manufacture of the motherboard, that of the final assembly of the product, and that of the operating system.
Harmonized system classification Silk scarves, hand-printed in Italy (and tat would therefore have been made in Italy under the rule).
Tariff Schedule Which lists all possible Harmonized System classification categories, as well as their associated tariff rates for the different types of countries.
Dumping Some exporters sell the products they are exporting at a price that is considered "to low" by the importing country's Customs office. Purpose of the strategy is to gain market share in the importing country.
Punitive Duty The U.S, unhappy about decision by the European Union to give preferential treatment to bananas imported from certain countries, retaliated by placing a 100 percent duty on certain items coming from any of the E.U countries: cashmere, blue cheese.
Border Traffic Tax Russia, in order to make a more accurate tally of border flows of people, cargo, and means of transportation, imposes a 1 percent tax on all goods crossing its borders. Russian travelers are taxed at 0.8 percent of their monthly income.
Safeguard Tax Argentina, after being chastised by the WTO for having increased its duty rate on footwear, reduced them, and immediately reimposed them to protect its footwear industry against foreign competition.
Temporary protection tax U.S imposed a 33% additional tariff on the brooms from Mexico to allow U.S manufacturers to increase their efficiency so tat they could compete against imports.
Value-Added Tax Is a tax perceived by many countries that is very similar to a sales tax, but that is collected whenever that product's value is increased. Its collected at the point of entry in the country.
Non-Tariff Barriers Are policies and actions that have the effect of of reducing the number of items imported in a specific country.
Absolute Quotas Is a limit,set by the importing country's gov't on the quantity of a specific commodity that can be imported in a given year.
Tariff-Rate Quotas The importing country places a two-tiered tariff rate on a specific product. Until a specific number of unites has been imported, the tariff is low; once the quota is reached, the tariff goes up.
Pre-Shipment Inspection Are performed by independent companies to determine that the goods shipped are the ones ordered by the importer, in the correct quantity, and sufficiently well packed for an international shipment.
Entry The process by which an importer notifies Customs it has imported a product.
Clearance Term used to signify that the goods have been imported into a country, duty has been paid, and they have been released by Customs.
Liquidated Entry An entry that has been successfully reviewed by Customs authorities and for which duty has been paid.
Protest The formal request by an importer to have Customs reconsider the classification of a good, its valuation, or the determination of its country of origin.
Customs brokers An independent firm, representing the importer, and that has acquired the knowledge and experience required to make import entries efficiently and to deal with Customs effectively.
Customs bonds Customs require the importer or the Customs broker to post a bond.A bond is either sum of money deposited with Customs, from which any unpaid duty can be withdrawn,insurance policy with a surety company that acts as a guarantor of the importer or the Cust
Reasonable care A standard of behavior, set and enforced by U.S. Customs, that is expected of importers if they want their Customs entries to be cleared quickly and keep Customs inspections to a minimum.
Informed compliance An importer has been found compliant, the likelihood that one of its shipments is going to be inspected is minimal, therefore minimizing delays at entry and allowing the importer to organize its supply chain more predictably. It also lowers costs, as merc
duty drawback is a tax break granted by some countries, including the United States, to exporters who are using imported parts in the products they export.
Created by: rafi.sultani