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Definition of 'ATA Carnet'
An international customs document that allows its users to eliminate import duties and taxes and clear customs quickly on temporary imports into participating carnet countries and territories. For example, the carnet is helpful to music tour managers who need to bring equipment and merchandise related to a show into a country for a few days or a few weeks. Almost all types of goods can be imported with an ATA carnet except for consumable goods, disposable goods and mail.
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Investopedia explains 'ATA Carnet'
The ATA carnet is also called the Merchandise Passport for Boomerang Freight because it is valid only for merchandise and equipment that will be exported back out of the country within 12 months. The carnet is meant to apply to three major categories of items: professional equipment, items for sale at exhibitions or trade shows, and commercial samples.
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