Customs

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Customs

A general term for an agency in a country responsible for controlling the flow of goods into the country. Customs agencies attempt to prevent dangerous, hazardous or illegal materials from entering the country, and also collect tariffs and other taxes. They may also enforce import quotas.
References in periodicals archive ?
While financial executives are rightly sensitive to the impact of federal and state income taxes, that focus has been at the expense of planning strategies for customs duties that can take a major bite out of a company's financial statement above the line income.
Supporters of VAT argue that it is cost neutral from the point of view of consumers as it would only be a substitute for customs duties.
2) The defendants were convicted of violations arising from payments to Haitian officials to reduce the Company's customs duties and sales tax assessment.
Presiding Judge Kohei Ikeda said in handing down the ruling that the company and the defendants ''had systematically and purposefully evaded customs duties for a long period of time,'' and that they ''bear heavy responsibility as they manipulated the system to promote the development of developing countries.
Customs duties paid on imports that become components of a manufactured product, in general, are inventory costs.
utility prices would rise if Customs duties were increased:
HM Revenue & Customs is responsible, under the overall direction of UK Treasury ministers, for the efficient administration of income tax, tax credits, corporation tax, capital gains tax, petroleum revenue tax, inheritance tax, national insurance contributions, stamp duties, VAT and customs duties.
38 for the year 2006 will be exempted from fines if overdue customs duties and other fees and taxes are paid, in addition to paying a fine worth 40 % of the total value of goods with overdue duties.
Customs duties on certain inputs like Metal parts, insulated wires and cables, Refrigerators compressor parts, compounds used in catalytic converters, Sulphuric Acid for use in manufacture of fertilizers and compounds of Video Cameras have been reduced.
Dubai: All products from the UAE and of GCC origin will now be fully exempted from Singapore customs duties.
13% of the customs duties from imports of goods to the EEU territory, according to the treaty on Armenia's accession to the EEU posted on the website of the Eurasian Economic Commission, an EEU regulatory body.
TUNIS (TAP) - All the Algerian industrial products entering to the Tunisian market will be exempt from customs duties and charges having equivalent effect, by virtue of a preferential bilateral trade agreement which ensures a list of Tunisian products with the same advantages when entering the Algerian territory, the Prime Ministry announced on Saturday.

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