Full Text

compound duty

John O'Connell


Subject Business and Management » International Management


Extract

A tax placed on imported items, the amount of which is based upon two types of duties: a percentage of the value of the goods (called an ad valorem duty ) and a specific tax per unit (called a specific duty) of the goods (weight, numbers). The sum of these customs taxes is referred to as a compound duty. An example will assist in understanding: Country A assesses a compound duty on imports of car batteries. The duty consists of 10 percent of the value plus $1.00 per battery. A shipment of 100 batteries valued at $2,000 would be assessed at a $300 compound duty (10 percent of $2,000 + $1.00 × 100 = $300). Nexia International Staff ( 1994 ). International Handbook of Corporate and Personal Taxes . New York : Chapman and Hall . ... log in or subscribe to read full text

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