Week 5 and 6 – SS1 Second Term Commerce Notes

 WEEK FIVE
TOPIC : CUSTOM AND EXICE AUTHORITY
Custom and Excise authority is an agency charged with the responsibilities of assessing and collecting revenue due from import and export. It is a revenue collecting organ of the government. The department of customs and excise under the ministry of internal affairs.
Customs and excise authority collect the following during:

1. Import duties: they are taxes imposed on surplus goods and services that come from other countries into a particular country, it is also known as traffic and they belong to what we all customs duties.
2. Exporter duties: these are taxes imposed on surplus goods and services of a country that are sent to other countries.
3. Excise duties: are taxes imposed on locally made goods. They may be based on either or specific.

   FUNCTIONS OF CUSTOMS AUTHORITY.

4. Prevention of smuggling: smugglers are prevented from bringing or taking goods in or out of the country.
5. Collection of data on import and export: it is the duty of custom authority to compile statistics on import and export.
6. Generation of revenue: the department is also charged with the responsibility of generating revenue for the government form of import and export duties.
7. Collection of taxes: it collects taxes on imported, exported and locally produced goods.
8. Supervision of bonded warehouse: it monitors and supervises bonded warehouse where goods are stored until the duties are paid.
9. Checking illegal trafficking of naira: the department perform the function of checking illegal trafficking of the nation’s currency.
10. Customs authority provides information to trader on duties to pay on importation and exportation of goods.
11. Implements government policy on restriction of goods.

 
 WEEK SIX
TOPIC: EXPORT PROMOTION COUNCIL

1. Export trade: is the selling of goods/service of a country abroad. It includes goods and service sold to other countries. Nigeria export products are cocoa, crude oil, rubber, cassava, etc.

Export can be visible and invisible. Visible export are tangible goods and invisible are service rendered abroad.

1. Exeter port: is the re- exporting of goods that has been imported from other countries i.e. goods imported to a countries later re – exported to other countries.

FUNCTIONS OF NIGERIA EXPORT PROMTION COUNCIL

1. EXPORT FUNDING: it provide financial facilities to export e.g. insurance and credit guarantee schemes.
2. Exporting developing activities: it introduces measure to increase the volume and quality of goods to be exported.
3. Provision of trade information: information is provided through publication of trade journal and export directives.
4. Training activities: it organizes seminars and workshops on export management for people engaging in international trade.
5. Publicity function: the council prepares and issues not publication containing information about activities of the council.
6. Activities relating to export marketing: it gives information about Nigeria ex[ort in international market and how to improve its marketability.
7. Export document preparation etc.