{"id":2328,"date":"2023-10-02T12:25:53","date_gmt":"2023-10-02T12:25:53","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=2328"},"modified":"2023-10-02T12:27:38","modified_gmt":"2023-10-02T12:27:38","slug":"week-5-and-6-ss1-second-term-commerce-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-5-and-6-ss1-second-term-commerce-notes\/","title":{"rendered":"Week 5 and 6 – SS1 Second Term Commerce Notes"},"content":{"rendered":"

\u00a0WEEK FIVE
\n<\/strong>TOPIC : CUSTOM AND EXICE AUTHORITY
\n<\/strong> 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.
\nCustoms and excise authority collect the following during:<\/p>\n

    \n
  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.\n<\/li>\n
  2. Exporter duties: these are taxes imposed on surplus goods and services of a country that are sent to other countries.\n<\/li>\n
  3. \n
    Excise duties: are taxes imposed on locally made goods. They may be based on either or specific.\n<\/div>\n

    FUNCTIONS OF CUSTOMS AUTHORITY.\n<\/li>\n

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

    \u00a0
    \n\u00a0WEEK SIX
    \n<\/strong>TOPIC: EXPORT PROMOTION COUNCIL
    \n<\/strong><\/p>\n

      \n
    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.\n<\/li>\n<\/ol>\n

      Export can be visible and invisible. Visible export are tangible goods and invisible are service rendered abroad.<\/p>\n

        \n
      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 \u2013 exported to other countries.\n<\/li>\n<\/ol>\n

        FUNCTIONS OF NIGERIA EXPORT PROMTION COUNCIL<\/p>\n

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

          \u00a0
          \n\u00a0
          \n\t\t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

          \u00a0WEEK FIVE TOPIC : CUSTOM AND EXICE AUTHORITY Custom and Excise authority is an agency…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,198],"tags":[],"class_list":["post-2328","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss1-commerce"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=2328"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2328\/revisions"}],"predecessor-version":[{"id":2329,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2328\/revisions\/2329"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=2328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=2328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=2328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}