II. Translate the word combinations. Choose 3 expressions that you like most of all and give their definitions to the group. The group will guess the combinations you are explaining.

1) to declare value for customs, 2) a commercial document, 3) an accounts receivable, 4) refunds the money, 5) to short-pay, 6) late fees, 7) inventory stock, 8) pull data, 9) to be transmitted electronically, 10) to maintain paper records, 11) a single payment.

II. Define if the statements are true or false.

1. An invoice or bill is a commercial document issued by a seller to the buyer.

2. From the point of view of a seller, an invoice is a purchase invoice.

3. A typical invoice contains name and contact details of the seller; tax or company registration details of seller (if relevant); name and contact details of the buyer; date that the product was sent or delivered.

4. There are four types of invoices.

5. In foreign trade, a pro forma invoice is a document that describes the parties involved in the shipping transaction.

6. Commercial invoice is a customs declaration form used in international trade.

7. Invoicing is the term used to refer to the act of delivering baggage to the port.

8. Some invoices are no longer paper-based, but rather transmitted electronically.

IV. Using the vocabulary give the main points of the article. Text f. Customs card

I. Choose the words from the group below to complete the article. It may be necessary to change the form of the given words.

to access, customs office, amounts payable, be aimed, advance, integrate, commission fee, within, elaborate, receipt, the entity, enterprise, be authorized.

Customs Card system is a special 1) ... interbank system of on-line settlements designed for effecting customs payments. This system 2) … and debits a user’s account for the amounts of dues, fees, penalties etc. payable to the customs.

This system was 3) …. under supervision of Federal Agency for Government Communications and Information of the Russian Federation on the basis of Russian chip card and 4) … at using under federal programs. By choosing this product you avail of the following advantages as compared to the traditional forms of payment:

Instant settlements of customs payments. The card ensures the amount transfer 5) … 5 minutes and the e-payment information is entered with the State Customs Committee information system almost immediately.

Payments on-the-spot. Customs duties are paid immediately in course of customs processing at 6) ….

24-hours service.

Accuracy. Overpayments are absolutely impossible.

Cash flows optimisation. There is no more need of 7) … payments; payments in Russian roubles are acceptable so you save the exchange 8) ….

Decrease in paperwork. This new technology is an efficient tool of internal records keeping and control the ways funds are used by the enterprise subdivisions and the brokers providing services to it all over Russia. There is no more need to trace and confirm 9) … of separate payments made to the customs in Russian roubles and in foreign currencies, so the total number of financial documents is considerably decreased.

Legality. Implementation of settlements technology using smart cards in respect of the customs payments is governed the State Customs Committee Order No. 757.

Interest accrual. Subject to a separate agreement interest can be accrued to the average non-reducible balance of the card account.

Card account overdraft. Overdraft on the card account is authorised in case the 10)… has a loan history with the Bank or the settlements history with the use of the Customs Card.

VTB24 issues two types of Customs Cards:

Customs Card is used for payment of customs duties, taxes, dues and fees, fines, penalties, interests and other 11) … to the customs authorities (customs payments) as well as for identifying payers involved in foreign economic activities;

Excise Customs Card is a customs card designed for effecting payments for the goods that are subject to excise.

Basic Operating Principle

To get a card an entity involved in foreign economic activities shall open an account with VTB24 and sign a Card Issue and Servicing Contract. Upon crediting the special account 12) … shall receive the Customs Card to be used for settlements with the customs offices in various locations all over Russia.

The person representing the entity shall produce the card at the customs office. Payments are transferred by means of special teller consoles. Once the card is inserted in the console, the information on holder (name of the entity, Taxpayer ID, etc.) is automatically read off from the card chip.

The customs payment shall be deemed effected upon the card authorisation and from the moment the option of debiting the account if favour of the Federal Treasury is activated; upon this the consignment shall pass the customs clearance.

VTB24 shall monthly provide a card account statement listing all the transactions effected during the reporting month. Providing more than one statement per month may be performed on payment basis. It is planned to make the cash flow information on these accounts available 24-hours.

Applying for the Customs Card

Customs Card is issued under Application for Customs Card Granting, Card Issue and Servicing Contract and Special Card Account Opening Contract. There is no need to open a settlement account with the Bank for this purpose.

An enterprise 13) … to order up to 10 cards to be used by its employees. The main and the additional cards are issued to operate one and the same account. A limit can be set in advance for funds withdrawal via both main and additional cards.

The employees for whom the additional cards are issued, do not have to visit to the Bank personally. The cards can be collected by any of the entity employees upon presentation of a Power of Attorney duly executed on the company letterhead.

II. Discuss with your partner and pluses and minuses of customs card. Can it be/is it used in Belarus? With the partner discuss the fields and methods of its possible application in our country.

TEXT G. U.S. CUSTOMS BONDS: AN OVERVIEW