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Who does the Tax incidence refer to?
Who actually bears the burden of the tax
Who bears the burden of a tax?
The burden is that of the person or people who have to pay the tax.
What is an antedated cheque?
If a cheque bears a date earlier than the date on which it is presented to the bank, it is called anti-dated cheque
When a home or business property is sold who is responsible for calculating the taxes owned on the sale?
When a home or business property is sold, the seller typically bears the responsibility for calculating the taxes owed on the sale, including any capital gains taxes. However, both parties may consult with real estate agents, accountants, or tax professionals to ensure accurate calculations. Additionally, the closing agent or escrow company often assists in providing the necessary figures and ensuring that taxes are appropriately handled during the transaction. Ultimately, it is advisable for sellers to be proactive in understanding their tax obligations before completing the sale.
When a home or business property is sold who is responsible for calculating the taxes owed on the sale?
There are two answers to this question. The title owner bears ultimate responsibility for filing and calculating. That being said the assessor and collector of the jurisdiction may determine values.Ê
Prepay and add mean?
Prepay and add refers to the shipping charges on an invoice. The Seller pays freight charges and adds to invoice. Title and control of the goods passes to the buyer when the carrier signs for the goods at the shipping point (origin) So, the Seller pays freight and bills them to the Buyer who bears the freight charges, the Buyer owns the goods in transit, and the Buyer files any necessary claims.
What does FCA mean in shipping terms?
FCA - FREE CARRIER (... named place of delivery) The Seller delivers the goods, cleared for export, to the carrier selected by the Buyer. The Seller loads the goods if the carrier pickup is at the Seller's premises. From that point, the Buyer bears the costs and risks of moving the goods to destination.
What is freight paid basis?
Freight paid basis refers to the shipping arrangement where the seller or shipper is responsible for paying the transportation costs to deliver goods to the buyer. This means that the seller includes the shipping charges in the overall price of the goods. The term is often used in sales agreements to clarify who bears the freight costs, ensuring that the buyer does not have to handle these expenses upon receipt of the shipment. It can also affect pricing negotiations and the overall cost of doing business.
What is CIF on gold transaction?
CIF, or Cost, Insurance, and Freight, refers to a shipping term used in international trade, including gold transactions. It indicates that the seller is responsible for the costs of the goods, insurance during transport, and freight charges to deliver the gold to a specified destination. In a CIF arrangement, the seller bears the risk and expenses until the gold reaches the buyer's designated port. This term ensures that the buyer receives the gold with insurance coverage during transit.
If the trucking company damages the freight in transit do they have to replace it?
You have to look at the contract between the buyer and seller to determine who bears the risk of loss. Normally, the risk of loss would be on the buyer or the buyer's insurance. Now once it is determined who bears the risk of loss they could sue the trucking company if they were at fault in some way, but the trucking company does not have to replace the damaged goods (unless there is a contract that says otherwise).
Is CFR and DAP same?
CFR (Cost and Freight) and DAP (Delivered at Place) are not the same. CFR indicates that the seller is responsible for the cost and freight to transport goods to a specified port, but the risk transfers to the buyer once the goods are loaded onto the ship. In contrast, DAP means the seller bears all costs and risks to deliver the goods to a specified location, with the buyer responsible for import duties and taxes. Thus, the key difference lies in the point at which risk and responsibility transfer between buyer and seller.
What Type of contract the contract bears virtually all the financial risk associated with procurement?
The type of contract that bears virtually all the financial risk associated with procurement is typically a fixed-price contract. In this arrangement, the seller agrees to deliver goods or services at a predetermined price, regardless of the actual costs incurred. This places the financial risk on the seller, as they must manage their expenses to ensure profitability. Consequently, any cost overruns are absorbed by the seller rather than the buyer.
FOB Define easy to undrstand?
FOB stands for "Free on Board," a shipping term used in international trade. It indicates that the seller is responsible for delivering goods to a specified location, usually a port, and bears the costs and risks until the goods are loaded onto a vessel. Once the goods are on board, the buyer assumes responsibility for them, including transportation costs and risks. Essentially, it defines who pays for shipping and when responsibility shifts from the seller to the buyer.
What are the major implications of FOB and CIF contracts respectively with regard to functional responsibilities cost sharing and risk transfer?
FOB (Free on Board) contracts place the responsibility for costs and risks on the seller until the goods are loaded onto the vessel, after which the buyer assumes responsibility. This means that the seller bears shipping and insurance costs up to that point, while the buyer handles costs and risks during transit. In contrast, CIF (Cost, Insurance, and Freight) contracts require the seller to cover all expenses, including shipping and insurance, until the goods reach the destination port, transferring more risk and cost responsibility to the seller. Therefore, FOB emphasizes buyer responsibility post-loading, while CIF provides greater seller responsibility throughout the shipping process.
What is the meaning of ex works exactly?
It's an Incoterms definition. Incoterms is a sort of dictionary used world-wide to regulate the transport of goods. In this specific case, 'Ex-works' means that the importer will have to arrange and pay for the transport of the goods from the manufacturing company up to his 'door' (sort of speech).
What is the difference between bulls and bears in capital market?
Stock market is an auction market in shares and other securities and is characterised by a BULL and a BEAR.BULL-is the buyer in the market. He is always takes an optimistic view of the market.BEAR-is the seller. He is basically a pessimist and always considers that the things have reached its peak.
Who bears LC advising charges importer or exporter?
Exporter
