WHAT IS CUSTOMS DUTY?

Customs duty is a type of tax levied on goods imported into or exported from a country. It is charged at rates set by the state and collected by the relevant authorities. As a very important topic in the logistics sector, the details of customs duty are of great interest to importing and exporting companies. This article covers all the details of customs duty. Contact us for detailed information on the subject. For information about our vision and mission, CLICK HERE.

CUSTOMS DUTY CALCULATION 2024

Customs duty is calculated on the customs value of the imported or exported goods. The customs value is the sum of the invoice value of the goods, freight, insurance and other costs. Customs duty rates may vary depending on the type of goods, country of origin, trade agreements and other factors. All of these details are used in the calculation.

WHAT ARE THE TYPES OF CUSTOMS DUTY?

Customs duties can be classified according to different criteria. The most common classification is into import and export customs duties:

1. Import Customs Duty:

A tax levied on goods imported into a country. It is calculated on the customs value of the imported goods, which is the sum of the invoice value, freight, insurance and other costs. Import duty rates may vary depending on the type of goods, country of origin, trade agreements and other factors.

2. Export Customs Duty:

A tax levied on goods exported from a country. Unlike import duty, export duty is not always applied. Export duty exemptions are generally applied to encourage exports of raw materials or products of strategic importance.

3. Special Customs Duties:

A type of customs duty applied to specific groups of goods. Special customs duties are generally applied to protect or encourage specific sectors such as agricultural products, textiles and electronics.

4. Additional Customs Duties:

In some cases, additional customs duty may be applied to imported goods. 

5. Deferred Duties: For some products in the customs tariff, a higher customs duty rate may be set to take effect after a certain date. This rate remains frozen until that date and is applied to goods imported after it.

WHAT IS CUSTOMS DUTY FOR?

Customs duty aims to protect domestic production. The duties collected increase state revenue and make a significant contribution to the economy. Customs duty can also be used to discourage imports of environmentally harmful products. As well as benefits, this type of tax also has drawbacks, first and foremost increasing costs for consumers: if the rate rises, so does the cost. The customs duty system can also be complex and bureaucratic. With all our experience and service quality, Talos Logistics continues to stand by you. For information and a price quote, CLICK HERE.