Customs Modernization and Tariff Act (CMTA) - Flashcard Set

Front

What is the short title of Republic Act No. 10863?

Back

The Customs Modernization and Tariff Act (CMTA).

Front

What is the primary policy declared by the State in Section 101?

Back

To protect and enhance government revenue, institute fair and transparent customs and tariff management, prevent customs fraud, and modernize customs administration.

Front

What does 'Abatement' refer to in customs terminology?

Back

The reduction or diminution, in whole or in part, of duties and taxes where payment has not been made.

Front

What is an 'Airway Bill (AWB)'?

Back

A transport document for airfreight used by airlines and international freight forwarders that specifies the holder or consignee of the bill.

Front

Define 'Authorized Economic Operator (AEO)'.

Back

An entity accredited by the Bureau based on international standards to promote trade facilitation and secure movement of goods.

Front

What is the role of a 'Customs Broker'?

Back

A person who is a bona fide holder of a valid Certificate of Registration/Professional Identification Card issued by the Professional Regulatory Board.

Front

What does 'Customs Territory' refer to?

Back

Areas in the Philippines where customs and tariff laws may be enforced.

Front

What is the definition of 'Importation'?

Back

The act of bringing in goods from a foreign territory into Philippine territory.

Front

What is meant by 'Provisional Goods Declaration'?

Back

A declaration lodged when the declarant does not have all the information or supporting documents required to complete the goods declaration.

Front

What is the purpose of the 'Refund' in customs?

Back

The return, in whole or in part, of duties and taxes paid on goods.