Glossary_F
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
F. 1. 0.: Free In and Out. Refers to loading and unloading costs as they apply to the vessel. The owner of the goods is responsible for the costs of loading and discharge.
F.O.: Free Out. Under this term the owner of goods is responsible for discharging costs.
F.O.B. Value means the value certified by the manufacturer to be the price applicable to a particular vehicle at the time of its manufacture and shall include the agent’s commission. [Pakistan Customs General Order]
FAS. Free Alongside Ship (named loading port): free Alongside Ship: 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.
FBT: Full berth Terms; indicates that the cost of loading and discharge in included in the steamship rate quoted. Ship owner pays loading and discharge cost.
FCA. Free Carrier (named place): 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.
FCL cargo means full container load; [Pakistan Customs Rules, 2001]
firmmeans the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all; [The Sales Tax Act, 1990]
Fiscal Electronic Cash Register or “FECR" means an electronic cash register with fiscal memory (black box) , fiscal screw and seal, capable of simultaneously printing second copy (record copy) that contains all information in addition to that on the first paper roll (customer copy) and having two displays, one for operator and the other for customer; [Sales Tax Special Procedures Rules, 2007]
FOB. Free On Board (named loading port): the classic maritime trade term, Free On Board: seller must load the goods on board the ship nominated by the buyer, cost and risk being divided at ships rail. The seller must clear the goods for export.
focal point (Entry) means the focal point where the goods arrive are sealed and seal is affixed for transit or transhipment to the upcountry dryport or customs station for checking and removal of seals at the focal point (exit); [Pakistan Customs Rules, 2001]
focal point (Exit) means the focal point at destination where the seal is examined and checked for irregularities and removed; [Pakistan Customs Rules, 2001]
Focal Point means the location of the CCSU field unit for operating the application and removal of seals; [Pakistan Customs Rules, 2001]
force majeure: The title of a standard clause found in marine contracts exempting the parties for non-fulfilment of their obligations by reason of occurrence beyond their control, such as earthquakes, floods, or war.
foreign exchange: The currency of credit instruments of a foreign country.
fpa: Free of Particular Average. A marine insurance term meaning that assures will not allow payment for partial loss or damage to a foreign shipment.
freight forwarder: An independent business which handles shipment for exporter for compensation.
FTN means Free Tax Number issued by the Board to persons who are otherwise exempt from holding National Tax Number (NTN) for the purposes of identification; [Pakistan Customs Rules, 2001]