| Value |
The value of imported merchandise as
declared by the importer and as finally determined
by the Customs Service. |
| Value Added Tax (VAT) |
An indirect tax that is assessed at each stage
of production and distribution from the raw material
stage to the purchase of the final product on the
amount of value contributed at each stage to the final
product. Each company involved in the product or onward
sale of the goods in question pays a tax proportional
to the amount by which the firm increases the value
of the goods purchased for resale after making his
or her own contribution. VAT is a common tax found
throughout the world, although not every country imposes
such a tax. |
| Variable Levy |
Under the European Community's Common Agricultural
Policy, a duty that increases or decreases as domestic
or world prices fluctuate to ensure that the price
of the imported product after payment of duty will
equal a predetermined "gate" price. |
| Visa |
A license issued to an importer by a foreign government
pursuant to a quota. When asking for advice from
the Customs Service, are you providing the most
accurate, up-to-date, information you have on the
merchandise. |
