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Duty is calculated against the value of the shipment contents declared on the air waybill together with any insurance costs and a percentage of the transportation cost. Together these are known as the Value for Customs. This value is then multiplied by the Duty percentage of the Trade Tariff commodity code given to the goods by the shipper.What is the formula for calculating taxes?
The formula for calculating income tax is the product of the total amount of taxable income multiplied by the tax rate, according to the Internal Revenue Service. The formula to account for multiple marginal tax rates requires multiplying the total amount of money earned in each successive bracket by the tax rate and adding the values together.What are import duties and taxes?
Import duties and taxes are imposed to limit the attractiveness to consumers of overseas goods or to raise revenue. The reasons vary but it is usually to protect industry within the country, or to discourage money leaving the country. Sometimes it is just for revenue raising,...