Bahamas Customs Brokerage Training Exam 2023;Compiled information of Bahamas Customs, TARIFF, Calculations and BESW.

Bahamas Customs Brokerage Training Exam 2023;Compiled information of Bahamas Customs, TARIFF, Calculations and BESW. Why a New Customs Management Act? - To meet the obligations contained in the Economic Partnership Agreement (EPA) signed by The Bahamas in October 2008. A scheme to create a free trade area among member states. - Economic Partnership Agreement (E.P.A). The Bahamas does not have membership with? - World Trade Organization (W.T.O). Which agreement refers to Rules of Origin and Preferential Tariff? - Economic Partnership Agreement (E.P.A). The Bahamas has only observatory status with? - World Trade Organization (W.T.O). Name three (3) powers of the Comptroller. - (i) Responsible for the general management and administration of the Customs authority (ii) Exercise powers and perform the duties of the Minister under the Act (iii) Prescribe rules for designating Customs controlled areas. Name six (6) powers of a Customs Officer. - (i) Board any means of transport (ii) Search any means of transport (iii) Detain any means of transport (iv) Questions persons within 72 hours of arrival (v) Audit or examination of business records (vi) Powers to patrol and surveillance of property Give the names and uses of the following forms: C.1 C.2 C.7 C.5A C.38 C.36 - C.1 - Attendance Request - An application for the attendance of Customs Officers at any place where Customs Officers do not normally attend. C.2 - Report Inwards of Vessels C.7 - Aircraft General Declaration C.5A - Declaration of Consumable Stores On Board Aircraft C.38 - Transire C.36 - Certificate of Clearance of Vessel Name two (2) places the Minister designates as Custom Places. - (i) Customs Airports (ii) Customs Ports Give the name and color of the flag that is flown when ships enter The Bahamas. - Quarantine Flag - Yellow Give the name of the form that is given to the Customs authority to determine the health conditions of persons on board the vessel. - Maritime Health Declaration The Customs Management Act outlines four (4) ways goods shall be entered. Name any three. - (i) C.13 - Home Consumption Entry (ii) C.16 - Warehousing Entry (iii) C.41 - Request to Import Goods for Temporary Use or Purpose (iv) C.35 - Transshipment Entry The Mail Boat clears Customs in Freeport, and had dutiable goods destined for New Providence. What is the form used to send those duty not paid goods to Nassau? - C.38 - Transire Your client imported a shipment of TVs arriving via Air Freight, designated for Cuba. How should those goods be entered. - C.35 - Transshipment Entry The time allotted for goods to remain in Gladstone Freight Terminal before the goods are sent to the Customs Warehouse shall be? - Five (5) days excluding Sundays and Public Holidays. There are six (6) principles of the W.T.O. Valuation Agreement, which dictates the way goods are to be valued. (a) Name three (3) of these principles. - 1. Transactional Value on Price Actually Paid or Payable (PAPP) 2. Identical Goods 3. Similar 4. Deductive Value 5. Computed Value 6. Fall Back Method The concept of Deductive Value. - Deductive Value concept is based on sampling at least three domesticated business houses involved in the import and sale of an identical product, and determining which of those local companies would have sold the aggregate amount of that product on a given day. The company which fulfilled that requirement, will then be used to cause deductions to be made on the individual unit price. Such deductions would include all expenses involved from getting the goods off the docks up to the point of sale, inclusive of profit margins. After such deductions, the unit price is determined. The concept of Computed Value. - Unlike deductive value (which is based on local conditions), is determined on conditions based internationally. It is based on the total cost involved in the manufacturing, and the total completion of the product. This includes, but not limited to, cost of man hours, rent, electricity, etc. Which is the most commonly used principle of the W.T.O. Valuation Agreement? - Transactional Value on Price Actually Paid or Payable (PAPP) Explain the acronym TRIPS Agreement. - Trade Related Aspects of Intellectual Property Rights