Glossary_D
Glossary of Tax and Trade Terms
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
D/A: Documents against acceptance; instructions given by a shipper to his bank that thedocuments attached to a draft for collection are deliverable to the drawee only against his acceptance of the draft.
D/P: Documents against payment; instructions given by a shipper to his bank that the documents attached to adraft for collection are deliverable to the drawee only against his payment of the draft.
DAF. Delivered At Frontier (named place)
Date draft: A date draft differs slightly from a time draft in that it specifies a date on which payment is due, for example, December 1, XXXX, rather than a time period after the draft is accepted. When a sight draft or time draft is used, a buyer can delay payment by delaying acceptance of the draft. A date draft can prevent this delay in payment but still must be accepted. When a bank accepts a draft, it becomes an obligation of the bank and a negotiable investment known as a bankers acceptance is created. A bankers acceptance can also be sold to a bank at a discount for immediate payment.
DDP. Delivered Duty Paid (named destination place)
DDU. Delivered Duty Unpaid (named destination place)
default means the failure to pay the outstanding arrears as defined in clause (w); [Pakistan Customs Act, 1969]
default surchargemeans the default surcharge levied under section 34; [The Sales Tax Act, 1990]
defaulter means a person and, in the case of company or firm, every director, or partner of the company, or as the case may be, of the firm, of which he is a director or partner or a proprietor and includes guarantors or successors, who fail to pay the arrears; [The Sales Tax Act, 1990]
defaulter means a person mentioned in the demand note, who has failed to discharge his liabilities of payment of Government dues; [Pakistan Customs Rules, 2001]
defaulter means a person mentioned in the demand note, who has failed to discharge his liabilities in payment of Government dues; [Sales Tax Rules, 2006]
defaulter means the person and in the case of a company or firm every director or partner of the company or, as the case may be of the firm and of which he is a director or a partner of proprietor, and includes the guarantor who fails to pay outstanding arrears. [Pakistan Customs Act, 1969]
demand note means a note received by the Recovery Officer from the referring authority specifying the details regarding the defaulter and the Government dues; [Pakistan Customs Rules, 2001]
demand note means a note received by the Sales Tax Recovery Officer from the referring authority specifying the details regarding the defaulter and the Government dues; [Sales Tax Rules, 2006]
DEQ. Delivered Ex Quay (named port)
destination airport means that airport in Pakistan where goods are intended to be transported for customs clearance; [Pakistan Customs Rules, 2001]
detain, in relation to goods, means to prohibit the disposal or use of the goods, pending the finalization of any proceedings under this Act in relation to the goods or the owner thereof; [Pakistan Customs Act, 1969]
devaluation: The lowering of the value of a currency in terms of a foreign currency (or currencies).
Digital Certificate Request Form means a form to be downloaded from NIFT website and filled for obtaining NIFT Class 2 Digital Certificate as required under sub-rule (2) of rule 18; [Sales Tax Rules, 2006]
diplomat means a person entitled to immunities and privileges under the Diplomatic and Consular Privileges Act, 1972 (IX of 1972) ; [Sales Tax Rules, 2006]
diplomatic mission means a mission recognized as such under the Diplomatic and Consular Privileges Act, 1972 (IX of 1972); [Sales Tax Rules, 2006]
dispute means, a case where, for evidently valid reasons, a registered person is aggrieved in connection with the order of the sales tax officer passed in any matter of sales tax specified in sub-section (1) of section 47 A of the Act and prima facie deserves relief for the elimination of possible hardship; [Sales Tax Rules, 2006]
distribution, in relation to Chapter III, means the ownership, operation, management or control of distribution facilities for the movement or delivery or sale to consumers of electric power but shall not include the ownership, operation, management and control of distribution facilities located on private property and used solely to move or deliver electric power to the person, owning, operating, managing and controlling those facilities or to tenants thereof shall not constitute distribution; [Sales Tax Special Procedures Rules, 2007]
distributor means a person appointed by a manufacturer, importer or any other person for a specified area to purchase goods from him for further supply and includes a person who in addition to being a distributor is also engaged in supply of goods as a wholesaler or a retailer; [The Sales Tax Act, 1990]
dock receipt: Receipt issued by an ocean carrier or its agent for merchandise delivered at its dock or warehouse awaiting shipment.
document includes any electronic data, computer programmes, computer tapes, computer disks, micro-films or any other medium for the storage of such data; [The Sales Tax Act, 1990]
documentary credit: A commercial letter of credit providing for payment by a bank to the name beneficiary, who is usually the seller of merchandise, against delivery of such documents as may be specified in the credit.
Documentary letter of credit and drafts: The buyer may be concerned that the goods may not be sent if the payment is made in advance. To protect the interests of both buyer and seller, documentary letters of credit or drafts are often used. Under these two methods, documents are required to be presented before payment is made. Both letters of credit and drafts may be paid immediately, at sight, or at a later date. Drafts that are to be paid when presented for payment are called sight drafts. Drafts that are to be paid at a later date, which is often after the buyer receives the goods, are called time drafts or date drafts. Since payment under these two methods is made on the basis of documents, all terms of sale should be clearly specified. For example, net 30 days should be specified as net 30 days from acceptance or net 30 days from date of bill of lading to avoid confusion and delay of payment. Likewise, the currency of payment should be specified as US$XXX if payment is to be made in U.S. dollars. International bankers can offer other suggestions to help.
documents means a goods declaration, application for claim of refund, duty drawback or repayment of duty, import or export general manifest, passenger manifest, bill of lading, airway bill, commercial invoice and packing list or similar other forms or documents used for customs clearance or making a declaration to Customs, whether or not signed or initialed or otherwise authenticated, and also includes,- (i) any form of writing on material, data or information recorded, transmitted, or stored by means of a tape recorder, computer or any other device, and material subsequently derived from information so recorded, transmitted or stored; (ii) a label, marking or other form of writing that identifies anything of which it forms part or to which it is attached by any means; (iii) a book, map, plan, graph, or drawing; and (iv) a photograph, film, negative, tape, or other device in which one or more visual images are embodied so as to be capable (with or without the aid of some other equipment) of being reproduced. [Pakistan Customs Act, 1969]
Drafts : A draft, sometimes also called a bill of exchange, is analogous to a foreign buyers check. Like checks used in domestic commerce, drafts sometimes carry the risk that they will be dishonored.
DTRE means duty and tax remission for exports; [Pakistan Customs Rules, 2001]
DTRE user means a person who has been approved for availing facilities under this sub-chapter by the concerned Regulatory Collector; [Pakistan Customs Rules, 2001]
due date in relation to the furnishing of a return under section 26 [ Omitted] and section 26AA means the 15th day of the month following the end of the tax period, or such other date as the Board may, by notification in the official Gazette, specify; [The Sales Tax Act, 1990]
duties includes customs-duty leviable under the First Schedule to the Customs Act, 1969; [Pakistan Customs Rules, 2001]
Duty drawback means a claim of refund of import duty, excise duty, as envisaged in clause (c) of section 21, sections 37, 39, 40 and 41 of the Customs Act, 1969, and Rule 12 and 12A of the Central Excise Rules, 1944; [Pakistan Customs Rules, 2001]
duty drawback means repayment of import duty as envisaged in clause (c) of section 21 and sections 37, 39, 40 and 41 of the Act; [Pakistan Customs Rules, 2001]