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I. Translate the words and phrases into Russian. Using them tell your groupmates about customs duties.

1) be due for payment; 2) be indebted; 3) be charged with the responsibility; 4) to settle a debt; 5) bank draft made out to the broker; 6) result in a lien; 7) insolvent; 8) duties are exempted; 9) be exported for pasturage purposes; 10) be exported for pasturage purposes; 11) the finalized import duty total; 12) market value; 13) be adjusted with.

 

II. Answer the following questions.

1. What is the difference between import duty and import rate?

2. How can import duty be calculated?

3. How can you pay import duty and what happens if you haven’t?

4. What types of duties are mentioned in this article?

 

III. Find answers to the questions from the article in respect to your country.

TEXT C. DUTIES

 

I. Read the article and find synonyms for the words and phrases in bold.

 

Customs Duties are usually levied with ad valorem rates and their base is determined by the domestic value 'the imported goods calculated at the official exchange rate. Similarly, export duties are imposed on export values expressed in domestic currency.

Export duties are levied occasionally to clear up excess profitability in international price of goods in respect of which domestic prices may be low at given time. But the concept of import duty is wide and almost universal, except for a few goods like food grains, fertilizer, life saving drugs and equipment etc.

Customs Duties are major source of revenue for the Union Government and constitute around 30% of its tax revenues. Customs duty not only raises money for the Central Government but also helps the government to prevent the illegal imports and illegal exports of goods. The Central government has emergency powers to increase import or export duties whenever necessary after a notification in the session of Parliament.

Objectives of Custom Duties

The customs duty is levied, primarily, for the following purpose:

· Restricting Imports for conserving foreign exchange.

· Protecting Industry from undue competition.

· Prohibiting imports and exports of goods for achieving the policy objectives of the Government.

· Regulating export.

· Co-coordinating legal provisions with other laws dealing with foreign exchange such as Foreign Trade Act, Foreign Exchange Regulation Act, Conservation of Foreign Exchange and Prevention of Smuggling Act, etc.

Mode of Levy of Customs Duty

Basically there are three modes of imposing Customs Duty:

Specific Duties: - Specific custom duty is a duty imposed on each and every unit of a commodity imported or exported.

Advalorem Duties: Advalorem custom duty is a duty imposed on the total value of a commodity imported or exported. For example, 5% of F.O.B. value of cloth imported or 10% of C.LF. value of T.V. sets imported. In case of Advalorem custom duty, the physical units of commodity are not taken into consideration.

Compound Duties: - Compound custom duty is the combination of specific and advalorem custom duties. In this case, the quantities as well as the value of the commodity are taken into consideration while computing tariff.




Date: 2016-01-14; view: 977


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