Cuslaw Flashcards
(19 cards)
Which among the following importer cannot apply for a Duty Drawback?
a. Importer of fuel for the propulsion of sea vessel engaged in international trade.
B.Importer of fuel for the propulsion of sea vessel engaged in coastwise trade.
c. Importer of fuel for the propulsion of scheduled international airlines
d. Non-electric utilities who imported petroleum oils and oils obtained from bituminous materials, crude oil, sold directly or indirectly, in the same form or after processing, to electric utilities for the generation of electric power and for the manufacture of city gas.
a. Importer of fuel for the propulsion of sea vessel engaged in international trade.
41 When shall the Decree of abandonment be issued?
a. within 3 calendar days from verification of the Affidavit of Abandonment-
b. within 5 calendar days from verification of the Affidavit of Abandonment
C. within 7 calendar days from verification of the Affidavit of Abandonment
d. within 10 calendar days from verification of the Affidavit of Abandonment
a. within 3 calendar days from verification of the Affidavit of Abandonment-
Sheldon imported 1 unit Rolls-Royce Phantom. Upon receipt of Assessment Notice on November 30, 2024, he told his Customs Broker that he has no funds to pay the duties taxes and other charges due. On December 3, 2024, he executed an Affidavit of Abandonment and filed the same to the District Collector. On December 5, 2024, Sheldon, while drinking his morning coffee found out that he won P293 Million Ultra Lotto. If Sheldon wants to reclaim his abandoned Motor Vehicle, what must he do?
a. Pay duties, taxes and other charges
b. Pay duties, taxes interest and other charges
c. Pay charges and fees due to the port or terminal operator
d) None of the above
b. Pay duties, taxes interest and other charges
When shall disclosure of confidential information unde Sec 1503 allowed?
a. upon the written consent of the Bureau of Customs
When shall disclosure of confidential information unde Sec 1503 allowed?
a. upon the written consent of the Bureau of Customs
b. upon the written consent of the beneficiary of the advance ruling
C. upon the written consent of the Commission
d. Consent from all of the above must be secured
b. upon the written consent of the beneficiary of the advance ruling
20. This is type or Letter of Credit where the issuir Letter of Credit where the issuing bank has an obligation to pay the agreed amount to the beneficiary on behalf of the applicant upon receipt of the specified documents
a. Documentary Letter of Credit
b. Standby Letter of Credit
c.Revocable Letter of Credit
d. Irrevocable Letter of Credit
A. Documentary Letter of Credit
21 This is a type of Letter of Credit where the issuing bank can change or cancel the LC at any time and for any reason.
a. Standby Letter of Credit
b. Standby Letter of Credit
c. Revocable Letter of Credit
d. Irrevocable Letter of Credit
c. Revocable Letter of Credit
22. An arrangement between the buyer and the seller whereby payment was already made before the goods are delivered.
a. Letter of Credit
b. Advance Payment
c. Direct Remittance
d. Open Account
b. Advance Payment
23. In this mode of payment, the importer assumes no risk because shipping documents are sent and released by the seller directly to the importer upon importer’s promise to pay immediately upon receipt of the documents
a. Open Account Arrangement
b.Direct Remittance
c. Letter of Credit
d. Advance Payment
a. Open Account Arrangement
33. Before a clearance shall be granted to any Vessel bound to a Foreign Port, the Master of the Vessel or the agent thereof shall present to the District Collector or his authorized representative the following properly authenticated documents. Which is not included?
a. A bill of health from the quarantine officer or officer of the public health service in the port
b. Three (3) copies of the manifest of import cargo, one of which, upon certification by the authorized customs officer as to the correctness of the copy, shall be returned to the Master of the Vessel
C. Two (2) copies of the passengers list, showing foreigner and other passengers;
d. Clearance issued by the last Port of Entry
b. Three (3) copies of the manifest of import cargo, one of which, upon certification by the authorized customs officer as to the correctness of the copy, shall be returned to the Master of the Vessel
36. This shall refer to a true and accurate manifest, of all the individual shipments in the Consolidation destined and intended to be unloaded at a port entry in the Philippines, submitted as rider to the Cargo Manifest of the carrying Vessel or Aircraft.
A. Consolidated Cargo Manifest (CCM)
b. Cargo Manifest
C. Air Waybill (AWB)
d. Discharge Port Survey (DPS) Report
a. Consolidated Cargo Manifest (CCM)
38. An error in the assessment of ABC Corporation’s shipment covered by C-1234 was discovered amounting to Php 5.000,00 pesos. If ABC Corp filed an application for refund, will it prosper?
Answer- A
a. Yes
b. No
c. Maybe
d. The application shall not be accepted
a. Yes
Where shall the claim for refund be filed?
a. Office of the District Collector (ODC) of the port where duties and taxes were paid.
b. Office of the Commissioner of Customs
C. Bureau of Internal Revenue
d. None of the above
a. Office of the District Collector (ODC) of the port where duties and taxes were paid.
- If the claim for refund is approved by the Commissioner, the docket shall be elevated to the DOF for automatic review, within 5 days from date of promulgation. If the OCOM fails to render a decision within 30 days from receipt of records, the same shall be appealed to the DOF for review.
a. The first statement is correct but the second statement is incorrect
b. The first statement is incorrect but the second statement is correet
c. Both statements are correct
d. Both statements are incorrect
a. The first statement is correct but the second statement is incorrect
As per Section 1608 of the CMTA “Flexible Clause”, the President, upon the recommendation of the NEDA is empowered to implement rules for the interest of the general welfare and national security. Which among the following shouldn’t be included in the list?
a. An additional import duty on all imported goods of 15%.
b. Make the import duty of live horses from 7% to 10%.
C. Ban the importation of used tires.
d. None of the choices.
b. Make the import duty of live horses from 7% to 10%.
- The applicant may withdraw, in writing, its application on Advance Ruling anytime prior to the issuance of the ruling.
a. True
b. False
C.Once filed with the Tariff Commission, application cannot be withdrawn by the applicant unless the TC reject the application.
D. Application may only be withdrawn if additional information is not submitted within 10 days from receipt of notice.
A. True
How many copies of the filled-out application form for advance ruling shall an applicant submit to the Commission?
a. 1
b. 2
c. 3
d. 4
C. 3
6. All information that is provided on a confidential basis for purposes of the Advance Ruling application shall be treated confidential. The following are all exception to the preceding statement except-
Answer- D
a. Upon written permission of the applicant
b. Upon written permission of the government agency who provided the information
C. When required to be disclosed in the context of judicial proceedings
d. when the public demands for the purpose of transparency
d. when the public demands for the purpose of transparency
8. The Tariff Commission issued an advance ruling which the BOC deemed adverse to the government. What shall the BOC do?
a. Appeal to the СТА
b. File a motion for reconsideration
c. Adopt the Ruling since it is binding upon the Bureau
d. Elevate the matter to the Secretary of Finance
d. Elevate the matter to the Secretary of Finance
11. It a multipurpose product nomenclature designed to serve as an integrated internationally standardized and accepted coding system of classifying traded products to facilitate international trade.b
a. Harmony Commodity Description and Coding System
b. ASEAN Harmonized Tariff Nomenclature
C. Customs Modernization and Tariff Act
d. None of the above
a. Harmony Commodity Description and Coding System
