Value-Added Tax (VAT)
A consumption tax imposed on goods and services at each stage of production and distribution.
Definition
A consumption tax imposed on goods and services at each stage of production and distribution. In international trade VAT is often charged on imported goods before they can be cleared for domestic sale. The VAT rate varies by country and businesses may be eligible for refunds if the goods are subsequently exported or re-sold. Understanding VAT regulations is crucial for importers to ensure compliance and avoid unexpected tax liabilities
Related Terms
Vanning
The process of loading cargo into a shipping container in preparation for transport.
Vessel Schedule
A published timetable that outlines the planned arrival and departure times of ships at designated ports.
Volume Weight (Volumetric Weight)
A calculated weight that reflects the space a shipment occupies rather than its actual weight.
Actual Gross Weight
The total weight of a shipment including the product itself packaging materials pallets and any other shipping aids.
Accessorial Fees
Additional fees charged by carriers for services beyond standard transportation.
Advanced Manifest System (AMS)
A U.S. Customs system that requires cargo data (such as shipper consignee and cargo details) to be electronically submitted prior to a vessel's arrival.
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