How Do You Calculate Imports Of Goods And Services
Import duties are charged on all items that enter the state to exist sold in the U.Due south. market. Although import duty laws are very complex and specific duties vary widely, computing the duty on an particular is relatively straightforward using the U.Due south. Harmonized Tariff Schedule (HTS). Duties are standardized, so y'all will pay the same price no affair which U.S. port your items enter.
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Locate the HTS. Although some companies sell copies of the HTS, y'all access the unabridged database for gratuitous on the U.S. International Trade Commission website.
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Discover your item in the HTS. The HTS is cleaved down into chapters that group similar products together, and within those chapters are categories that depict products more specifically. Find the category that most closely describes the particular you are importing.
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Identify the duty rate for the item you are importing. Right side by side to the classification on the HTS, yous will encounter a general import duty for that item. Next to the general rate, you volition find whatsoever applicable additional tariff rules, such as reduced or additional tariffs based on country of origin. The HTS also lists the units to which the tariff is applied – for case, 10 cents per shirt or 2.v pct per kg of cereal. In some cases, tariff is applied per unit, while in other cases, it is calculated as a per centum of the value of the item. Further, some duties are expressed in budgetary terms while others are expressed as percentages.
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Do the calculation. Accept the total value of your items or the full number of items, depending on if the tariff is calculated based on toll percentage or unit numbers, and multiply it by the amount of the import duty. If you are importing multiple items of different classifications, you will need to do the calculation individually for each classification.
Source: https://bizfluent.com/how-6080697-calculate-import-duties.html
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