Ad Valorem Duty
Summary of Ad Valorem Duty
Any duty that is expressed as a percentage of the value of the imported merchandise. Most customs duties, particularly in the developed nations, are ad valorem duties.
(Main Author: William J. Miller)
Definition of Ad Valorem Duty in International Trade
The following is a concept of Ad Valorem Duty in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): 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. Its acronym is A.V. or Ad Val. See tariff.
Ad Valorem Duty and International Trade
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