Glossary_B

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baggage includes unaccompanied baggage but does not include motor vehicles;]

balance of trade: The difference in the value of a countrys total exports and import; if export exceed imports, a favourable balance of trade exists, whereas if imports exceed exports, the balance is unfavourable.

Bank means the National Bank of Pakistan or any of its branches designated, by notification in the official Gazette, for the purpose of filing of returns and payment of sales tax; [Sales Tax Rules, 2006]

banking company means a banking company as defined in the Banking Companies Ordinance, 1962 (LVII of 1962) and includes any body corporate which transacts the business of banking in Pakistan. [The Sales Tax Act, 1990]

Banks charge fees - usually a small percentage of the amount of payment - for handling letters of credit and less for handling drafts. If fees charged by both the foreign and local banks for their collection services are to be charged to the account of the buyer, this point should be explicitly stated in all quotations and on all drafts.

Berth: The place beside a pier, quay or wharf where a vessel can be loaded or discharged.

bilateral trade agreement: A reciprocal trade agreement between two countries which seeks to balance the trade accounts between the countries by stipulating (or value) of goods to be traded and the time of agreement.

bill of exchange: Also called a draft. An unconditional order from the drawer to the drawee, directing him to pay a specified amount to a named payee at a fixed or determinable future time.

bill of lading: Service as a document of title, a contract of carriage, and a receipt of goods. Usually prepared by the shipper on forms issued by the carrier, indicating that goods are to be transported from one point to another.

Board means the Central Board of Revenue established under the Central Board of Revenue Act, 1924 (IV of 1924), and on the commencement of Federal Board of Revenue Act, 2007, the Federal Board of Revenue established under section 3 thereof; [Pakistan Customs Act, 1969]

Boardmeans the Federal Board of Revenue established under section 3 of the Federal Board of Revenue Act, 2007; [The Sales Tax Act, 1990]

Board means the Federal Board of Revenue;

bonded airline means aircraft which takes goods in transit through air from airport of arrival to destination airport. The requirement of licensing of the airline as bonded carrier is relaxed as has been done in the case of Pakistan Railways; [Pakistan Customs Rules, 2001]

bonded warehouse: Abuilding authorised by custom authority for the storage of goods without payment of duties until the goods are removed.

booking: Arranging with steamship companies for the acceptance and carriage of freight.

Bundled scrap: -Waste and scrap generally of motor vehicles compressed into bales, blocks or briquettes used for the recovery of metal by re-melting. [Pakistan Customs General Order]

buying commissions means fee paid and declared in the bill of entry by an importer to his agent for the service of representing the importer abroad in the purchase of the goods being valued; [Pakistan Customs Rules, 2001]