National Bank

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Income Tax Office.
According to the rules the importer/exporter has to pay various taxes in the national exchequer, like income tax, corporate tax, with holding tax, sales tax, super tax, etc. For this purpose he must possess a national tax number (NTN). If the individual/company is already paying income tax then the NTN would have already been allotted. However, a new exporter/importer individual or company would require fresh NTN.  Income tax return for registered firms. Income tax return for companies. Documents required for obtaining NTN are:

  • Copy of National Identity Card
  • List of existing bank accounts
  • Copy of certificate of registration
  • Copy of partnership deed
  • Copy of certificate of incorporation
  • NTN (for verification only)

 

EXPORT PROMOTION BUREAU
The most important part of the process of import/export is registration with EPB. Before registration of EPB, all the above mentioned steps must be completed. Furthermore, a foreign currency account must be opened at some bank, dealing in foreign currency. An affidavit must also be provided by the exporter/importer that he/she is not:

  • Government Servant
  • Black Listed

The application to EPB is processed by the bank on behalf of exporter/importer. The application form to be filled in by the importer/exporter.  A fee of Rs.1500 for export and Rs.1530 for import registration must also accompany, which must be paid through pay order. After registration at EPB the importer/exporter is permitted to start with his/her business of export or import.
 

TRADE TERMS
There are many different methods in vogue for the transfer of title of shipment in the import/export business. These methods are internationally recognized terminology’s and describe the responsibility of bearing cost and risk involved during transportation. These terms are briefly described below:

Ex-Works
It means that the seller’s only responsibility is to make goods available at his premises/factory. He is not responsible for loading the goods in a vehicle provided by the buyer, unless otherwise agreed. The buyer bears full cost and risk involved in bringing the goods from there to the desired destination. This term represents minimum obligation for the seller.
 

Delivered Duty Paid (DDP)
It signifies maximum obligation for the seller. When followed by words naming buyer’s premises, it denotes that seller has to bear all costs and risks till the goods are made available at buyer’s premises. If some costs are to be excluded these must be clearly mentioned e.g. “exclusive of value added tax”.

Delivered at Frontier
The seller’s obligations are fulfilled when the goods have arrived at the frontier but before customers border. Primarily used with rail or road transport, this term may be used regardless of planned means of transport. (In practice it is seldom used when goods travel by air or by sea).
 

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