Customs Valuation Fraud Case Sample Clauses

Customs Valuation Fraud Case. The first successful case was reported on November 28, 2002 by Customs Investigation Bureau concerning the valuation fraud since China’s entry into WTO. Huangpu Customs House, Guangdong Province acknowledged that a smuggling case suspected of under-declaration and smuggling of 3,000 metric tons of edible oil, worthy of $1.61 million, by “ex-territorial Document Laundering” and paying through the “Underground Banks”, was detected. Early March this year, Investigation Task Force of Huangpu Customs got the tip-off that a cargo vessel named “Chunrong” was suspected of fraudulent declaration of 400 metric tons of refined palm oil. When they got there to look into the cargo shipment, they discovered that the value declared for another consignment of 3,000 metric tons of mixed edible oil was $315 per metric ton, which was $50 per metric ton lower and inconsistent with the Hong Kong market price. Then an immediate investigation was conducted. Now we know the result of the investigation was as follows: After investigation, Customs officers found that Company A in China imported the consignment as Company B’s agent. By checking against the accounting books and original invoices kept by Company B, they discovered a fax sent from Company C in Hong Kong, requesting Company B (private company) to pay a deposit of $105,000 for an order of 3,000 metric tons of edible oil. This is an abnormal business practice. In according with the stipulations, all payment for international trade should be effected by the operating company through Letter of Credit issued by domestic banks. It was obviously abnormal to pay a deposit in Hong Kong, thus the declaration value should have included the deposit. This is an intentionally fraudulent under-declaration. The fact certified the judgment that Company B, after signing the contract with Company C for ordering 3,000 metric tons of edible oil, provided false contract, incomplete and fraudulent invoice to Company A by laundering documents in Hong Kong in order to evade customs duty. And the un-declared deposit would be paid through “underground bank” to Company C in Hong Kong, then, the “underground bank” will charge Company B the same amount of the deposit by producing the draft. The case was successfully detected and closed as the first valuation fraud case since China’s entry into WTO.
Sample 1
AutoNDA by SimpleDocs

Related to Customs Valuation Fraud Case

  • Customs Valuation The Parties shall determine the customs value of goods traded between them in accordance with the provisions of Article VII of the GATT 1994 and the WTO Agreement on Implementation of Article VII of the GATT 1994.

  • Formal Evaluation All formal evaluations of personnel shall be conducted openly and with full knowledge of the employee concerned by an administrator or supervisor of the District.

  • Annual Valuation The Trust shall annually, at least 30 days prior to the anniversary date of establishment of the Fund, furnish to the Grantor and to the Agency a statement confirming the value of the Trust. Any securities in the Fund shall be valued at market value as of no more than 60 days prior to the anniversary date of establishment of the fund. The failure of the Grantor or the Agency to object in writing to the Trustee within 90 days after the statement has been furnished to the Grantor and the Agency shall constitute a conclusively binding assent by the Grantor, barring the Grantor from asserting any claim or liability against the Trustee with respect to matters disclosed in the statement.

  • JOC EVALUATION If any materials being utilized for a project cannot be found in the RS Means Price Book, this question is what is the markup percentage on those materials? When answering this question please insert the number that represents your percentage of proposed markup. Example: if you are proposing a 30 percent markup, please insert the number "30". Remember that this is a ceiling markup. You may markup a lesser percentage to the TIPS Member customer when pricing the project, but not a greater percentage. EXAMPLE: You need special materials that are not in the RS Means Unit Price Book for a project. You would buy the materials and xxxx them up to the TIPS Member customer by the percentage you propose in this question. If the materials cost you, the contractor, $100 and you proposed a markup on this question for the material of 30 percent, then you would charge the TIPS Member customer $130 for the materials. No response TIPS/ESC Region 8 is required by Texas Government Code § 791 to be compensated for its work and thus, failure to agree shall render your response void and it will not be considered. Yes - No Vendor agrees to remit to TIPS the required administration fee or, if resellers are named, guarantee the fee remittance by or for the reseller named by the vendor?

  • Settlement of Disputes between Contracting Parties (1) Disputes between Contracting Parties regarding the interpretation or application of the provisions of this Agreement shall be settled through official channels.

  • TEACHER EVALUATION A. All monitoring or observation of the work performance of a teacher shall be conducted openly and with full knowledge of the teacher.

  • Final Evaluation IC must submit a final report and a project evaluation to the Arts Commission within thirty (30) days after the completion of the Services. Any and all unexpended funds from IC must be returned to City no later than sixty (60) days after the completion of the Services.

  • Self-Evaluation Each regular faculty member shall provide a self-evaluation. It shall address, among other items, the faculty member's fulfillment of professional responsibilities as referenced in Section 18.2.3 and an assessment of his or her own performance. The faculty member will share the self-evaluation with the Faculty Evaluation Committee and the first-level manager or designee. The self-evaluation will become part of the evaluation report.

  • Annual Evaluation The Partnership will be evaluated on an annual basis through the use of the Strategic Partnership Annual Evaluation Format as specified in Appendix C of OSHA Instruction CSP 00-00-000, OSHA Strategic Partnership Program for Worker Safety and Health. Xxxxxxxxx & Xxxxxx will be responsible for gathering required participant data to evaluate and track the overall results and success of the Partnership. This data will be shared with OSHA. OSHA will be responsible for writing and submitting the annual evaluation.

  • Settlement of Disputes between the Parties 1. Any dispute between the Parties concerning the interpretation or application of this Chapter shall, as far as possible, be settled with consultation through diplomatic channel. 2. If a dispute cannot thus be settled within 6 months, it shall, upon the request of either Party, be submitted to an ad hoc arbitral tribunal. 3. Such tribunal comprises of 3 arbitrators. Within 2 months of the receipt of the written notice requesting arbitration, each Party shall appoint one arbitrator. Those 2 arbitrators shall, within further 2 months, together select a national of a third State having diplomatic relations with both Parties who, upon approval by the Parties, shall be appointed as Chairman of the arbitral tribunal. 4. If the arbitral tribunal has not been constituted within 4 months from the receipt of the written notice requesting arbitration, either Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any necessary appointments. If the President is a national of either Party or is otherwise prevented from discharging the said functions, the Member of the International Court of Justice next in seniority who is not a national of either Party or is not otherwise prevented from discharging the said functions shall be invited to make such necessary appointments. 5. The arbitral tribunal shall determine its own procedure. The arbitral tribunal shall reach its award in accordance with the provisions of this Agreement and the principles of international law recognized by both Parties. 6. The arbitral tribunal shall reach its award by a majority of votes. Such award shall be final and binding upon both Parties. The arbitral tribunal shall, upon the request of either Party, explain the reasons of its award. 7. Each Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant costs of the Chairman and tribunal shall be borne in equal parts by the Parties.

Time is Money Join Law Insider Premium to draft better contracts faster.