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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.
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).
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.
Who bears LC advising charges importer or exporter?
Exporter
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 pay demurrage at discharge port if CIF term?
The buyer is responsible for paying demurrage at the discharge port if the Incoterm used is CIF (Cost, Insurance, Freight). The buyer bears the risk and cost of any delays in unloading the goods at the destination port.
What is the most advantageous incoterm for the buyer?
This will be DDP (your warehouse) according to Incoterms 2010. Sellerv is responsible to deliver cargo at your doorstep and bears all the risks and costs. Keep in mind that your influence on routing and delivery time is kept to a minmum and check first if the seller is able to make such a delivery including paying taxes in your country.
What is the difference between CFR and CNF?
CFR/CNFCost and Freight (named destination port) - Seller must pay the costs and freight to bring the goods to the port of destination. However, risk is transferred to the buyer once the goods have crossed the ship's rail. Maritime transport only and Insurance for the goods is NOT included. Insurance is at the Cost of the Buyer.CIFCost, Insurance and Freight (named destination port) - Exactly the same as CFR except that the seller must in addition procure and pay for insurance for the buyer. Maritime transport only.CIPCarriage and Insurance Paid (To) (named place of destination) - The containerised transport/multimodal equivalent of CIF. Seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed over to the first carrier.CPTCarriage Paid To (named place of destination) - The general/containerised/multimodal equivalent of CFR. The seller pays for carriage to the named point of destination, but risk passes when the goods are handed over to the first carrier.DAFDelivered At Frontier (named place)- This term can be used when the goods are transported by rail and road. The seller pays for transportation to the named place of delivery at the frontier. The buyer arranges for customs clearance and pays for transportation from the frontier to his factory. The passing of risk occurs at the frontier.DDPDelivered Duty Paid (named destination place) - This term means that the seller pays for all transportation costs and bears all risk until the goods have been delivered and pays the duty. Also used interchangeably with the term "Free Domicile". The most comprehensive term for the buyer. In most of the importing countries, taxes such as (but not limited to) VAT and excises should not be considered prepaid being handled as a "refundable" tax. Therefore VAT and excises usually are not representing a direct cost for the importer since they will be recovered against the sales on the local (domestic) market. DDUDelivered Duty Unpaid (named destination place) - This term means that the seller delivers the goods to the buyer to the named place of destination in the contract of sale. The goods are not cleared for import or unloaded from any form of transport at the place of destination. The buyer is responsible for the costs and risks for the unloading, duty and any subsequent delivery beyond the place of destination. However, if the buyer wishes the seller to bear cost and risks associated with the import clearance, duty, unloading and subsequent delivery beyond the place of destination, then this all needs to be explicitly agreed upon in the contract of sale.Delivered Duty Unpaid (named destination place) - This term means that the seller delivers the goods to the buyer to the named place of destination in the contract of sale. The goods are not cleared for import or unloaded from any form of transport at the place of destination. The buyer is responsible for the costs and risks for the unloading, duty and any subsequent delivery beyond the place of destination. However, if the buyer wishes the seller to bear cost and risks associated with the import clearance, duty, unloading and subsequent delivery beyond the place of destination, then this all needs to be explicitly agreed upon in the contract of sale.DEQDelivered Ex Quay (named port) - This is similar to DES, but the passing of risk does not occur until the goods have been unloaded at the port of destination.DESDelivered Ex Ship (named port) - Where goods are delivered ex ship, the passing of risk does not occur until the ship has arrived at the named port of destination and the goods made available for unloading to the buyer. The seller pays the same freight and insurance costs as he would under a CIF arrangement. Unlike CFR and CIF terms, the seller has agreed to bear not just cost, but also Risk and Title up to the arrival of the vessel at the named port. Costs for unloading the goods and any duties, taxes, etc… are for the Buyer. A commonly used term in shipping bulk commodities, such as coal, grain, dry chemicals - - - and where the seller either owns or has chartered, their own vessel.EXWEx Works (named place) - The seller makes the goods available at his premises. The buyer is responsible for all charges. This trade term places the greatest responsibility on the buyer and minimum obligations on the seller. The Ex Works term is often used when making an initial quotation for the sale of goods without any costs included. The buyer pays all transportation costs and also bears the risks for bringing the goods to their final destination.FASFree Alongside Ship (named loading port) - The seller must place the goods alongside the ship at the named port. The seller must clear the goods for export; this changed in the 2000 version of the Incoterms. Suitable for maritime transport only.FCAFree Carrier (named places) - The seller hands over the goods, cleared for export, into the custody of the first carrier (named by the buyer) at the named place. This term is suitable for all modes of transport, including carriage by air, rail, road, and containerised / multi-modal transport.FOBFree on board (named loading port) - The seller must load the goods on board the ship nominated by the buyer, cost and risk being divided at ship's rail. The seller must clear the goods for export. Maritime transport only. It also includes Air transport when the seller is not able to export the goods on the schedule time mentioned in the letter of credit. In this case the seller allows a deduction of sum equivalent to the carriage by ship from the air carriageclose
What are the differences between DAP and DAT?
DAP (Delivered at Place) and DAT (Delivered at Terminal) are Incoterms that define responsibilities in international shipping. Under DAP, the seller bears all risks and costs until the goods are delivered to a specified location, ready for unloading, while the buyer is responsible for import duties and further transport. In contrast, DAT (now replaced by DPU - Delivered at Place Unloaded) indicates that the seller delivers the goods unloaded at a terminal, transferring all risks and costs to the buyer once the goods are unloaded at that location. Essentially, the key difference lies in the delivery point and the unloading responsibility.
What does FCA-Origin-Collect mean?
FCA-Origin-Collect typically refers to a designation in logistics and shipping, indicating that the seller is responsible for collecting the goods from their origin point, such as a manufacturer or warehouse, before delivering them to the buyer. This term is often used in international trade and freight agreements. The seller bears the responsibility for any associated costs and risks until the goods are collected. It's essential for both parties to clarify the terms of this arrangement to avoid misunderstandings.
