Trading Blocs
SADC meeting. Image credit lestimes.com ZIMSEC O Level Commerce Notes:Trading Blocs
January 2023
Cable (telegraphic) money transfer
Image credit kanooncurrency.co.uk ZIMSEC O Level Commerce Notes: Cable (telegraphic) money transfer
- A method of sending and receiving payments.
- Payments are made using telegraph,cable or telephone.
- Payment is made in foreign currency.
- Money is transferred from the debtor’s (importer’s) account to the creditor’s (exporter’s) account.
- A safe and fast way of making payments.
- Money […]
Functions of customs and excise authorities
Chirundu Border Post. Image credit trademarksa.org ZIMSEC O Level Commerce Notes: Functions of customs and excise authorities
- Collect and revenue for the government by charging customs and excise duties.
- Collect, keep and analyse records of imported and exported goods and services.
- Control bonded warehouses to ensure that duty […]
Bills of exchange
A bill of exchange. Image credit delcampe.net ZIMSEC O Level Commerce Notes: Bill of exchange
Bill of exchange
- The Bill of Exchange Act defines the bill of exchange as:
- An unonditional order in writing, addressed by one person to another, singed by the person giving […]
Bonded warehouses and International Trade
ZIMRA’s bonded warehouse at Chirundu Border Post. Image credit zimboguide.co.zw ZIMSEC O Level Commerce Notes: Bonded warehouses and International Trade
- Bonded Warehouses are also looked at under the Warehousing Topic here.
Why customs authorities control bonded warehouses
- Bonded warehouses are used to store […]
Functions of the Zimbabwe International Trade Fair ( ZITF)and Export Processing Zones Authority (EPZA)
ZITF exhibition. Image credit radiodialogue.com ZIMSEC O Level Commerce Notes: Functions of the Zimbabwe International Trade Fair ( ZITF)and Export Processing Zones Authority (EPZA)
Functions of the Zimbabwe International Trade Fair ( ZITF)
- The fair is advertised extensively both locally and internationally.
- Facilitates trade between Zimbabwean and Foreign companies.
- Enables local and […]
Excise Duty and the calculation of duty
Image credit sofiaecho.com ZIMSEC O Level Commerce Notes: Excise Duty
Why excise duty is paid?
- Excise duty is taxed on certain specified home produced goods for example tobacco meant for consumption in the home market in order to:
- Raise revenue for the government.
- Discourage consumption of dangerous products.
- Reduce domestic demand.
- Release more […]
Letter of Credit
Procedure for issuing a letter of credit. Image credit letterofcredit.biz ZIMSEC O Level Commerce Notes: Credit Letter
Letter of credit
- a letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for payments made […]
Brokers in International trade
Zafana Trade brokers. Image credit zafanankositrading.com ZIMSEC O Level Commerce Notes: Brokers
Brokers
- Work in foreign trade as agents.
- Bring buyers and sellers into contact
- Buy or sell goods on behalf of their principals ( who can be manufacturers or importers)
- Do not possess the goods they sell but […]