Nice video. It's a bottom line for business and there are many advances and changes in different regions. The EU has just launched a new version of their Import Control System, which importers/ exporters should be aware of!
1 what is customs duty 2. Main purpose of customs duty 3. Prefential rate or sanctions(high rate) 4. How rate is decide 5. Custom tarrif schedule 6. Valuation 7. Origin
The duty amount depends on the import country’s incoterm definition, it’s not always CIF. If it’s a FOB country, the duty will be imposed on FOB price. If it’s a CIF country the dutiable value is CIF.
@@logisticsyoutuberiinosan2358 can you please confirm this? If I send product from China to Japan, is the duty rate based off of the market price in China or Japan?
Based on US and Canada customs regulations, Customs duty is deceided based on the price of FOB, not CIF. Ocean freight, insurance charge and quanlified domestic inland freight or charges ,the charges of instruments of international trafic(IIT) should be excluded from the Customs value（Entered Value). Many customs brokers and freight forwarder including this video misunderstood the incoterm and Custom value. Please let me know if you any questions or further information.
Customs duty is a global tax on imported goods to protect domestic industries. HS codes classify products, and each country has its own import tax rates. Proper customs declaration is crucial to avoid additional taxes on under-reporting. Key moments: 00:00 Customs duty is a tax imposed on imported goods by a country to protect domestic products and regulate market competitiveness. The rate of customs duty is determined based on the Harmonized System code, with different rates for each importing country. -Purpose of customs duty is to safeguard domestic products and industries from cheaper imports, ensuring fair competition in the market. -Customs duty can be used as a tool in trade and foreign policy, imposing tariffs or sanctions on imported products based on international relations. -The rate of customs duty is decided using the Harmonized System code, with specific rates for each product category and importing country. 03:25 Customs duty calculation is complex, involving factors like product origin and price. Preferential tax rates and exemptions can significantly impact the amount owed, requiring accurate declaration and judgment for payment. -Factors like product origin and price influence customs duty. CIF price, transportation costs, and origin impact duty calculation. -Preferential tax rates and exemptions based on trade agreements can affect the amount owed. Correct declaration and proof of origin are crucial for payment. -Different types of customs duty rates exist, including basic and preferential rates. Understanding laws and policies is essential for accurate payment calculation. 06:53 Customs duty is a global tax applied to imported goods to protect industries, with different rates like general, preferential, and conventional tax rates. Accuracy in customs declaration is crucial to avoid additional taxes and impact on importers' costs. -HS code classifies products, each country has its import tax rate, and customs duty rates vary, including general, preferential, and conventional tax rates. -Completing customs duty declaration accurately is vital during import or export clearance to prevent underreporting errors and additional taxes affecting importers' costs. -The importance of paying attention to customs duty to avoid underreporting errors and additional taxes that can impact importers' costs. Generated by sider.ai
We pay at the BOC the Vat, Customs Duties, CDS and IPFS do we need to add those we have paid to the BOC to Landed Cost declared by BOC for the Total Cost of Goods/Sales?
Nice video. It's a bottom line for business and there are many advances and changes in different regions. The EU has just launched a new version of their Import Control System, which importers/ exporters should be aware of!
Very informative easy breakdown. Much thanks.
1 what is customs duty
2. Main purpose of customs duty
3. Prefential rate or sanctions(high rate)
4. How rate is decide
5. Custom tarrif schedule
6. Valuation
7. Origin
This is I've been waiting thankyou mr inno 😊
My pleasure😁
I as student logistic and supply chain management i feel easy to understand and i can get more info
That's good to know it😆
The duty amount depends on the import country’s incoterm definition, it’s not always CIF. If it’s a FOB country, the duty will be imposed on FOB price. If it’s a CIF country the dutiable value is CIF.
really!?
@@logisticsyoutuberiinosan2358 can you please confirm this? If I send product from China to Japan, is the duty rate based off of the market price in China or Japan?
@@ki7184 China I think
Very clear, good job !
Thank you!!
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Your sharings are very helpful. Thanks a lot.
You are welcome😆
Thank you IIno san!
My pleasure😄
Based on US and Canada customs regulations, Customs duty is deceided based on the price of FOB, not CIF. Ocean freight, insurance charge and quanlified domestic inland freight or charges ,the charges of instruments of international trafic(IIT) should be excluded from the Customs value（Entered Value). Many customs brokers and freight forwarder including this video misunderstood the incoterm and Custom value. Please let me know if you any questions or further information.
Thank you Inno san, your videos are very nice and helpful!
My pleasure😁
Customs duty is a global tax on imported goods to protect domestic industries. HS codes classify products, and each country has its own import tax rates. Proper customs declaration is crucial to avoid additional taxes on under-reporting.
Key moments:
00:00 Customs duty is a tax imposed on imported goods by a country to protect domestic products and regulate market competitiveness. The rate of customs duty is determined based on the Harmonized System code, with different rates for each importing country.
-Purpose of customs duty is to safeguard domestic products and industries from cheaper imports, ensuring fair competition in the market.
-Customs duty can be used as a tool in trade and foreign policy, imposing tariffs or sanctions on imported products based on international relations.
-The rate of customs duty is decided using the Harmonized System code, with specific rates for each product category and importing country.
03:25 Customs duty calculation is complex, involving factors like product origin and price. Preferential tax rates and exemptions can significantly impact the amount owed, requiring accurate declaration and judgment for payment.
-Factors like product origin and price influence customs duty. CIF price, transportation costs, and origin impact duty calculation.
-Preferential tax rates and exemptions based on trade agreements can affect the amount owed. Correct declaration and proof of origin are crucial for payment.
-Different types of customs duty rates exist, including basic and preferential rates. Understanding laws and policies is essential for accurate payment calculation.
06:53 Customs duty is a global tax applied to imported goods to protect industries, with different rates like general, preferential, and conventional tax rates. Accuracy in customs declaration is crucial to avoid additional taxes and impact on importers' costs.
-HS code classifies products, each country has its import tax rate, and customs duty rates vary, including general, preferential, and conventional tax rates.
-Completing customs duty declaration accurately is vital during import or export clearance to prevent underreporting errors and additional taxes affecting importers' costs.
-The importance of paying attention to customs duty to avoid underreporting errors and additional taxes that can impact importers' costs.
Generated by sider.ai
Thank you inno San
you are welcome😆
Thank you
Thank you 😊❤️
you are welcome😆
Thank you Sir!!! ❤❤❤
We pay at the BOC the Vat,
Customs Duties, CDS and IPFS do we need to add those we have paid to the BOC to Landed Cost declared by BOC for the Total Cost of Goods/Sales?
What exactly is a customs stop? My freight forwarder quoted me this, but I thought customs was digitalized now?
Thanks for your video! is there any "Global Database" where we can find the applicable import duties?
I don't know if there is Global Database about HS code, but in near the future, AI will support more for doing shipping job.
Hi, Iino, thank you for your videos. Do you have any video regarding Special customs regimes?
Thnks inno
welcome😆
Why deleted my comment on clarifying CIF or FOB is the base of US/Canada Customs Duty?
Hello can you tell me difference between basic duty vs effective duty ?
effective duty?
@@logisticsyoutuberiinosan2358 brother curiosity solved but plz make a video on ongoing shipping crisis plz
Are custom duties and tariffs the same? Well, I read and watch another sources, they are different. Mmhhh.. confused.
Please we need PDF file contain all this information
why AHTN is important?
Please make us customs videos
Any job vaccancies for freshers?
oh.. sorry not have any position now..
Thats means local products are less quality than imported one
hahaha. it depends..😅
Hey there, ever heard about Jesus?!
thank you
you are welcome!