Customs duty is levied on imported goods that attract a positive rate of duty. The customs duty rate can be an ad valorem rate (e.g. 12% on t-shirts) or a specific duty calculated using elements other than value of the goods, such as weight (e.g. 948.00 EUR / tonne on pet food).
All imported goods must have a customs value. When the customs duty rate is ad valorem one, the rate is applied to the customs value of the imported goods. As such, customs value has a direct impact on the amount of customs duty payable.
But what exactly is a ‘customs value’ and how is this calculated?
Source Blick Rothenberg
Latest Posts in "World"
- VAT Technology Transformation: Digital Compliance Strategies for 2025 and Beyond
- VAT Considerations in Toll Manufacturing: Classification of Supplies
- VATupdate Newsletter Week 41 2025
- ecosio Webinar – Getting Started with Peppol: What You Need to Know (Dec 4)
- E-Invoicing Exchange Summit Vienna 2025: key insights and highlights
