Glossary_I
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
immovable property has the same meaning assigned to it in clause (20) of section 3 of the General Clauses Act, 1897 (X of 1897) ; [Sales Tax Rules, 2006]
immovable property means a property which cannot be taken into custody for removal without physically knocking it down; [Pakistan Customs Rules, 2001]
import is as defined in Imports and Exports Controls Act 1950 (Act XXXXIX of 1950), and includes bringing out authorized cargo from the territory of an Export Processing Zone into the tariff area of Pakistan[Pakistan Customs Rules, 2001]
import manifest means import manifest delivered under section 43 or 44 as the case may be and includes electronically filed import manifest;] [Pakistan Customs Act, 1969]
importer means any person who imports any goods into Pakistan; [The Sales Tax Act, 1990]
in bond: A term applied to the status of merchandise admitted provisionally to a country without payment of duties - either for storage in a bonded warehouse or for transhipment to another point, where duties will eventually be imposed.
in case of feed: Aterm used for the agent or representative of a shipper abroad, to whom a bank may apply for instructions, when so directed by the shipper.
INCOTERMS: Incoterms or international commercial terms are a series of international sales terms widely used throughout the world. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. Incoterms deal with questions related to the delivery of the products from the seller to the buyer. This includes the carriage of products, export and import clearance responsibilities, who pays for what, and who has risk for the condition of the products at different locations within the transport process. Incoterms are always used with a geographical location and do not deal with transfer of title. They are devised and published by the International Chamber of Commerce (ICC). The English text is the original and official version of Incoterms 2000, which have been endorsed by the United Nations Commission on International Trade Law (UNCITRAL). Authorized translations into 31 languages are available from ICC national committees.
indirect exporter means a manufacturer or supplier of goods or articles which are to be used as input for export;
indirect exporter means a person who has a firm contract or export purchase order from a direct exporter for the manufacture and supply of goods to such exporter; [Pakistan Customs Rules, 2001]
inherent vice: Acondition causing damage to merchandise as a result of its own inherent defects.
input goods means all goods, except polyester staple fibre, required for the manufacture of goods meant for export, such as raw materials, accessories, sub components, components, sub-assemblies, assemblies and includes unrecorded media for development of software and recorded software used as tools for development of software as approved by the Collector in the Analysis Certificate; [Pakistan Customs Rules, 2001]
input goods means goods and includes services eligible for acquisition and also includes,– (a) trims and accessories; (b) electricity and gas on which sales tax has been paid; and (c ) furnace or diesel oil for the generation of electricity used or consumed in the manufacture of output goods for export under this sub-chapter; [Pakistan Customs Rules, 2001]
input tax,in relation to a registered person, means— (a) tax levied under this Act on supply of goods to the person; (b) tax levied under this Act on the import of goods by the person; (c) in relation to goods or services acquired by the person, tax levied under the Federal Excise Act, 2005 in sales tax mode as a duty of excise on the manufacture or production of the goods, or the rendering or providing of the services; (d) Provincial sales tax levied on services rendered or provided to the person; and (e) levied under the Sales Tax Act, 1990 as adapted in the State of Azad Jammu and (f)Kashmir, on the supply of goods received by the person; [The Sales Tax Act, 1990]
INTRA means the Integrated Regulatory Authorities as envisaged in rule 527; [Pakistan Customs Rules, 2001]