Customs Duty – Calculation and Parameters – Part 2
On what basis is the Customs Duty Calculated? The final amount of duty payable is calculated based on the product’s classification (HS Code), value (typically CIF – Cost, Insurance, and Freight), and the country of origin, all of which are factored according to the Customs Tariff Act, 1975 and the Customs Act, 1962. Importers can use online tools… Read More »