Variable Import Levy

Summary of Variable Import Levy

A duty applicable to imports of certain significant agricultural commodities into the European Economic Community. The Common Agricultural Policy (read this and related legal terms for further details). of the EEC specifies that this levy shall be equal to the difference between the Threshold Price and the lowest Adjusted C.I.F. Price (qq.v.). On imports of cattle, beef, and veal, the variable import levy is in addition to normal customs duties. The variable import levy is adjusted daily for sugar and grain; weekly for dairy products, beef, live cattle, veal, and rice; monthly for olive oil; and quarterly for pork, poultry, and eggs.

(Main Author: William J. Miller)