Raymond Yang

Cargo Dues – abbreviated to read CD – is a fee levied by TNPA (Transnet Port Authority) to the users (exporters, importers or shipping lines) for using the port facilities for movement of the cargo through it. This fee is generally fixed and published in a tariff by TNPA for a year (April to March) and whatever tariff is ruling at the time of the shipment will apply. Tonnage Dues: This is a charge paid by the vessel operator to a port for the usage of the port. This is usually calculated on the net registered tonnage of the ship as per the tonnage certificate issued for that ship. Port Dues : This is a charge levied by the port to all ships entering the port till the time it leaves the port. This is generally calculated on the gross registered tonnage of the ship as per the tonnage certificate issued for that ship.

The FIFO method has four major advantages:

• it is easy to apply,
• the assumed flow of costs corresponds with the normal physical flow of goods,
• no manipulation of income is possible, and
• the balance sheet amount for inventory is likely to approximate the current market value.

All the advantages of FIFO occur because when a company sells goods, the first costs it removes from inventory are the oldest unit costs. A company cannot manipulate income by choosing which unit to ship because the cost of a unit sold is not determined by a serial number. Instead, the cost attached to the unit sold is always the oldest cost. Under FIFO, purchases at the end of the period have no effect on cost of goods sold or net income.

An export declaration is lodged in the following situations:

A foreign entrepreneur picks up the goods personally (Ex Works) and takes them immediately outside the EU. The retailer lodges an export declaration in their own name. The sales are exempt from tax for the company in question.
A traveller (not an entrepreneur) buys the goods, and the retailer delivers the goods to the buyer either personally or through a transport company so that the goods are given to the recipient only at the Finnish border. The retailer lodges a customs declaration in their own name, and the goods delivered to a traveller can be sold as exempt from tax under this arrangement.
The retailer can lodge an export declaration in the traveller’s name and hand over the goods normally in connection with the sale. In these cases, sales are subject to tax. The buyer is declared as the exporter, and the retailer who submits the export declaration is declared as the agent. This arrangement involves tax-free passenger sales, which means that the retailer must also comply with the regulations issued by the Tax Administration. Both the sales voucher and the export declaration must be presented to Customs at the place of exit.
If Customs at the customs office of exit finds that a traveller has actually bought goods for commercial purposes, the traveller can be required to lodge an export declaration stating the traveller as the exporter.

If similar consignments are included in an export declaration, they must be combined into a single consignment on the declaration. This applies when the commodity code, procedure code and the previous document are the same for each consignment. The same commodity code cannot be used several time merely because there are differences in the characters and digits given for identifying the goods or in the packaging details.

A term inserted onto a transport document, such as a bill of lading regarding the condition of the goods. This is usually a negative comment, reflecting actual or possible damage to goods or packaging, so a “claused bill of lading” can have negative implications for a seller and buyer. A claused bill of lading may also be referred to as a “foul” bill, while a “clean” bill of lading, containing no adverse clauses is considered as desirable, and is usually required for letters of credit.