Glossary_O
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
officer of customs means an officer appointed under section 3; [Pakistan Customs Act, 1969]
Officer of Inland Revenue means an officer appointed under section 30; [The Sales Tax Act, 1990]
OMC means the oil marketing company and includes Shell Pakistan Limited, Chevron Pakistan Limited and Pakistan State Oil (PSO); [Sales Tax Special Procedures Rules, 2007]
Open account : In a foreign transaction, an open account is a convenient method of payment and may be satisfactory if the buyer is well established, has demonstrated a long and favorable payment record, or has been thoroughly checked for creditworthiness. Under open account, the exporter simply bills the customer, who is expected to pay under agreed terms at a future date. Some of the largest firms abroad make purchases only on open account. Open account sales do pose risks, however. The absence of documents and banking channels may make legal enforcement of claims difficult to pursue. The exporter may have to pursue collection abroad, which can be difficult and costly. Also, receivables may be harder to finance, since drafts or other evidence of indebtedness are unavailable. Before issuing a pro forma invoice to a buyer, exporters contemplating a sale on open account terms should thoroughly examine the political, economic, and commercial risks and consult with their bankers if financing will be needed for the transaction.
open insurance policy: Amarine insurance policy that applies on all shipments over a period of time rather than on a single shipment.
open market price means the consideration in money which that supply or a similar supply would generally fetch in an open market; [The Sales Tax Act, 1990]
output tax,in relation to a registered person, meansR09; (a) tax levied under this Act on a supply of goods, made by the person; (b) 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, by the person; (c ) Provincial sales tax levied on services rendered or provided by the person; [The Sales Tax Act, 1990]