GLOSSARY

Ad Valorem Duty

A customs duty which is a percentage made upon the value of goods.

What is Ad Valorem Duty?

Ad valorem duty is a customs duty which is a percentage made upon the value of goods. Latin expression that means according to the value. Import duties or taxes expressed as a percentage of value. For example, the import duty for a product classified under Harmonized System 220421 is 4.5 per cent of the customs valuation.

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