Demystify customs jargon one word at a time! Don't get lost in the acronyms. Our "jargon busters" explain in simple terms what important customs abbreviations and words mean.
There may be acronyms, abbreviations and rules that are hard to understand in the Customs rules, standards, and our changes. Even though we work hard to make our writing as clear as possible, there are times when you might need more information. Our "jargon busters" explain in simple terms what important acronyms mean.
The following briefly explains the most common terms buyers come across when dealing with customs, imports, and exports.
What is "Ad valorem"?
Customs Duty is a tax typically determined based on the customs value of goods. This value is usually calculated using the 'ad valorem' method, which means it is a percentage of the goods' value.
This means that a tax will be imposed by calculating a specific rate, expressed as a percentage, and applying it to the total value of the goods.
Most goods are typically subject to taxation using a similar method, although there are instances where alternative criteria, such as weight, dimensions, quantity, and other factors, may be employed.
As an example, when it comes to taxation, flour is typically subjected to a tax based on its weight, while clocks are generally taxed based on the number of units being sold.
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