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Business is the practice of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. Traditionally, customs has been considered as the fiscal subject that charges customs duties and other taxes on import and export. In recent decades, the views on the functions of customs have considerably expanded and now covers three basic issues: taxation, security, and trade facilitation.
A subsidy or government incentive is a type of government expenditure targeted towards individuals and households, as well as businesses with the aim of stabilising the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks such as COVID-19.
A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.
An escrow is a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. They are widely used in international commercial transactions or procurement processes and their use is encouraged by trade councils, courts and international lawyers. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the global or international transportation and delivery of goods. Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer, but they do not themselves conclude a contract, determine the price payable, currency or credit terms, govern contract law or define where title to goods transfers.
An ad valorem tax is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event. In some countries, a stamp duty is imposed as an ad valorem tax.
Taxation in Indonesia includes income tax, value added tax and carbon tax.
Bahawalpur Airport is situated 2 nm (3.7 km) from the city centre of Bahawalpur, in lower Punjab, Pakistan. The airport mainly caters to the city of Bahawalpur, however, the national carrier decided to launch international flights to the Middle East in July 2009. The airport extension project is being supervised by the Dubai Civil Aviation Department.
Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, with a 99-year leaseback period, and a similar arrangement, also for 99 years, had been in place prior to the handover of Hong Kong to mainland China. Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.
Taxation in Iran is levied and collected by the Iranian National Tax Administration under the Ministry of Finance and Economic Affairs of the Government of Iran. In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees. An estimated 50% of Iran's GDP was exempt from taxes in FY 2004. There are virtually millions of people who do not pay taxes in Iran and hence operate outside the formal economy. The fiscal year begins on March 21 and ends on March 20 of the next year.
Madurai Airport is an International airport serving Madurai and its adjoining districts in Tamil Nadu, India. It is the 36th busiest airport in India, both in terms of passengers handled and aircraft movement. The airport is located near State Highway 37, about 12 km (7.5 mi) south of the city centre. It was established in 1957.
Taxes in Germany are levied by the federal government, the states (Länder) as well as the municipalities (Städte/Gemeinden). Many direct and indirect taxes exist in Germany; income tax and VAT are the most significant.
North Karachi Industrial Area is located in Karachi, Sindh, Pakistan. NKATI stands for North Karachi Association of Trade and Industry which is a registered Trade Body representing more than 2000 commercial, industrial and service units located in North Karachi Industrial Area (NKIA).
Kutubuddin Ahmed is a Bangladeshi businessman who is the founder and chairman of the Envoy Group, a conglomerate which operates in multiple sectors, with major operation in the apparel industry. He is a Fellow of the Institute of Engineers, Bangladesh. In 2015 he is a member of the executive committee of the International Chamber of Commerce, Bangladesh, and a director of the Chittagong Stock Exchange.
Article I, § 10, clause 2 of the United States Constitution, known as the Import-Export Clause, prevents the states, without the consent of Congress, from imposing tariffs on imports and exports above what is necessary for their inspection laws and secures for the federal government the revenues from all tariffs on imports and exports. Several nineteenth century Supreme Court cases applied this clause to duties and imposts on interstate imports and exports. In 1869, the United States Supreme Court ruled that the Import-Export Clause only applied to imports and exports with foreign nations and did not apply to imports and exports with other states, although this interpretation has been questioned by modern legal scholars.
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities.
MASK Associates is a social business registered in Bangladesh involved in the manufacturing and export of raw jute and jute products. The company was established in 1982 by S.B. Kader, a Commercially Important Person (CIP) as declared by the Ministry of Commerce and Industry in Bangladesh. MASK Associates began its journey by representing REB Willcox of London, UK. The company currently exports raw jute and jute yarn, hessian/sacking cloth/bags, and caddies worldwide.
Morshed Alam is a Bangladeshi business magnate, politician and the incumbent Member of Parliament from Noakhali-2. He was declared a Commercially Important Person (CIP) for the fiscal year of 1996–1997, 1999–2000, 2008–2009 & 2010–2011 (export) by the Ministry of Commerce, Government of the People's Republic of Bangladesh. He is also the recipient of the Prime Minister's National Export Trophy, for which he won gold and silver four times and bronze once. In 1969 he founded Bengal Group and it is one of the largest plastic and manufacturing groups in Bangladesh today.
Sharif Zahir is a Commercially Important Person (CIP) & reputed Bangladeshi businessman. He is one of the owners & the managing director of Ananta Group since 2000, an apparel and fashion company based in Dhaka, Bangladesh. He is a prominent figure in the country's textile and garment industry.
References
- ↑ Example of the use of CIP in the context of an airport business lounge
- ↑ Example of the usage of the term CIP in a more general context
- ↑ "CIP: What is a Commercially Important Person in Bangladesh?". Dhaka Tribune. Retrieved 20 March 2018.
- ↑ "CIP Guideline". Ministry of Industries. Retrieved 20 March 2018.