The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. A bareboat charter involves the use of a vessel usually over longer periods of time. Analysis of the eu combined transport european commission. Glossary of property tax terms rev 3a 20170510 apn assessor parcel number. On the first of january 2011, the incoterms 2010 formally. Shipping terms glossary taurus logistics australia.
As you read through the definitions of terms in this glossary, you may get the feeling youve entered into a strange, alternate universe where nothing makes any sense except in its own terms. An application that expedites the clearance of cargo for the subsequent release of containers. This term is used in international shipping where a ships country of. Can also be obtained by individually weighing each piece of freight. Cut off date the last date for which goods can be accepted for a. First published in 1936, incoterms rules provide internationally accepted definitions and rules of. This is the right place where find the answers to your questions like. Although a reader may understand terms as translated to have particular meanings, the legal meanings of the terms are controlled by the law, reg. For most assets owned more than 12 months, profits are considered longterm capital gains and are taxed at 0. Shipping terms glossary air waybill a nonnegotiable contract for carriage of air transportation between an air carrier and a shipper. Intermodal intermodal shipping incorporates more than one mode of transportation, such as combining the use of trucks and trains to cover more ground in a timely manner. A unique identifier issued by the australian taxation office ato. The amount of income used to calculate an individual or companys income tax tax file number tfn. In order to understand how people use our site generally, and to create more valuable experiences.
Explanations on the terms are very condensed and may not be complete. Manifest a list of the various shipments being carried on a ship or aircraft. A unique number as signed by the county assessor identifying a property. In particular, he is not responsible for loading the goods in a vehicle apply only at the point of origin, and the seller agrees to place the goods at the disposal of the. If the sale is taxable, then shipping may be nontaxable, partially taxable, or fully taxable. Deductions are removed from taxable income and thus lower tax liability. Income in tax law, income is an inflow of some sort of exchange for services rendered, goods provided, or assets exchanged. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. They are not considered to necessarily reflect official position of the oecd in interpreting international tax terms, for example, in the tax treaty context.
Gross income minus any adjustments to income, any allowable exemptions, and either itemized deductions or the standard deduction. Second, your invoice clearly lists shipping, handling, delivery, etc. Weve explained a few of the more common ones, but get in touch if there are any we dont have listed. Adjusted gross income agi the amount of income which is taxable, consisting of gross income from all taxable sources minus all allowable adjustments. Consortium a group of combined transport operators who agree to rationalise sailing in a trade and carry each others cargo. As of june 2011, there were 21 eographic renaissance zones g with 157 active. The glossary contains information about selected terms and concepts used in the irs data book. Glossary of international shipping terms a8a manifest a form issued by a licensed customs broker which allows ccra to monitor in bond shipments as they move through canada. Accessorial charges also called assessorials any additional services required outside of the standard shipping procedure require additional fees from the carrier called accessorials. Allrisk insurance the broadest form of coverage available, providing protection against all risk of physical loss or damage from any external cause.
In some ports the ship is aground when approaching or at berth. Please use the following tax glossary to reach a better understanding of common irs terms. Glossary of tax terms on this page you will find definitions and explanations of common tax words and acronyms for example. Disclaimer this information is disseminated under the sponsorship of the department of transportation in the interest. Alternative minimum tax amt a tax calculation that adds certain. The rent tax credit in ireland applies for the years 2011 onwards to individuals who were renting on 7 december 2010. Interest income that is not subject to federal income tax. Shipping and freight forwarding terms and acronyms can be a real minefield. Glossary of tax terms a through m welcome to the wild, woolly, wacky world of taxation. Taxation statement glossary of terms public trustee. Msc is a world leader in global container shipping, dedicated to providing efficient transport solutions. The draft must be presented first for acceptance the drawee becomes the acceptor then payment. A contract term requiring that the vessel not rest on the ground.
Soi tax stats irs data book glossary of terms internal. Shipping terms glossary bill of lading bl document serving three functions. Market share of ct railroad of eu rail freight traffic, 2011. Taxable income your adjusted gross income reduced by all applicable exemptions, credits, and deductions. Advance charge transportation charge advanced by one carrier to another to be collected by the later carrier from the consignor or consignee. Actual time of arrival, or airporttoairport, or air transport association of america. The term applied by australian customs to the computer. It is intended to further the readers understanding of the terms used and provide direct links to the respective tables containing this information. Glossary of terms accessorial charges charges that are applied to the base tariff rate or base contract rate, e.
Gains from the sale of assets owned for 12 months or less are shortterm capital gains and are taxed in your top tax bracket, just like salary. Disclaimer this information is disseminated under the sponsorship of the u. The dollar value that is assigned to property by the local municipal assessor for purposes of taxation. Business and tax glossary germanenglish abfindung severance pay abgabe levy, duty abgabenordnung ao general tax code abgrenzung apportionment abhilfeverfahren remedial procedure abkommensanwendung treaty application abkommensbegunstigung treaty benefits abkommensberechtigung treaty entitlement abkommenserleichterung treaty relief.
Adjusted gross income agi the amount of income which is taxable, consisting of gross income from all taxable sources minus all allowable. Glossary of international shipping terms old dominion freight line. Includes taxable and taxexempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income. Sources drawn on in developing definitions for this glossary include. The word accepted and the date and place of payment must be written on the face of the draft. Assessors are required to use this in developing the grand list of all taxable property and its valuation. Eu no 2822011 as regards the place of supply of services. The profit from the sale of such property as stocks, mutualfund shares and real estate. Terms youre most likely to hear bill of lading bl or bol the official shipping document containing details about the shipment. Liner terms freight rates which include loadingunloading charges, generally with regular shipping lines. Gross shipping weight, is determined by 1 weighing the vehicle empty, 2 loading the shipment and returning to the scale to obtain the weight and 3 subtracting the two weights. This glossary isnt a legal document and none of the terms found in it should be understood to change the meaning of any provisions of law, regulations, or any other authoritative precedent. For vat purposes the terms telecommunication networks and.
Incoterms glossary exw ex works exw ex works means that the sellers only responsibility is to make the goods available at his premises that is, works or factory. Freeze protection a service agreed upon prior to shipping. Logistics and supply chain management glossary of terms. Freight glossary and freight shipping terms freightcenter. So are consultant fees that you might earn as a selfemployed consultant, or the profit you might make from. Air brake the air brake system on tractors is operated by air and consists of air lines, valves, tanks, and an air compressor. We have attempted to include the major terms and abbreviations used when discussing taxation issues.
Port charge relating to a vessel moored at approved anchorage site in a harbor. All vessels designed for the carriage of liquid bulk cargoes 80,000 119,999 dwt, including oil and products, chemical and other specialised. Capital gain a net gain realized from the sale of property or assets including real estate, stocks, bonds, and mutual fund shares. Paelinck author see all 2 formats and editions hide other formats and editions. Irs efile refers to the preparation and transmission of tax return information to the irs using telephone lines or a computer with a modem or internet access. Shipping terms and definitions arcbest corporation. It is a gradual increase by addition over a period of time and is a way of recognising that an expense or revenue and the related liability or asset can increase over time and not as signalled by an explicit cash transaction. Taxation statement glossary of terms australian interest income. Glossary of shipbrokering terms, terms used by ship brokers, ship owners and shipping agents and freight forwarders.
A pricing term indication that the cost of the goods and freight charges are included in the quoted price. You will need one if you apply for a job in australia. Income is taxable by default, unless it is specifically exempted from tax under the internal revenue code. Agricultural processing renaissance zones established in 2000, these zones are made up of one or more facilities or operations that transform, package, sort, or grade livestock or livestock. Dictionary of shipping terms, third edition sullivan, eric. Shipping glossary the attached glossary is a resource for both the fundamentals of the maritime industry elearning course and the reefer cargo handling elearning course. Interest income includes interest, bill discounts and other taxable income in the nature of interest, but does not include foreign sourced income. It represents ownership of the goods so its release to the intended recipient of the goods is often held until a final payment for the goods is complete. Jan 01, 2014 the terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business.
The assessed value is used to determine the property tax amount and may be below the current market. For example, tax year 2010 tax returns are due to the irs in 2011. This page provides a general meaning of tax terms and does not represent legal advice. First, you must ship directly to the purchaser by common carrier, contract carrier, or us mail. Department of transportation in the interest of information exchange.
The area immediately in front of or behind a wharf shed on which cargo is. This form has several variations including, most notably, the 1040a and 1040ez. Net weight the weight, or mass, of the goods themselves without any. The surrender of the property, and any rights and liabilities attaching to it, by the insured to the insurers when a claim for total loss is to be made. Taxes calculated upon the assessed value of the property. Glossary of tax terms assessment or assessed value. A glossary of terms and acronyms is included at the end of this report. Vip very important person used by the new jersey division of taxation. Taxexempt interest may or may not be exempt from state income taxes. Returns for a specific tax year are usually filed in the subsequent year.