A tariff is a customs duty or tax levied on imports of merchandise goods. Most of the time a tariff is an ad valorem tariff (percentage of value) or a specific tariff (e.g. $100 per ton). Less often, it can be a compound tariff made up of both of these elements applies. Tariffs are mostly levied on imports, but there are cases of tariffs on exports. Tariffs raise revenue for the government and increase the price of imported products, thus giving domestically produced products a price advantage.

Generally, it is the importer that pays the tariff. The importer declares the dutialbe value of merchandise to the Customs Authority in the importing country and the final appraisal of the goods value is done by Customs. Most often it is the transaction value (the price actually paid by the buyer to the seller) that serves as the basis for the value appraisal. The final appraisement is fixed by Customs.

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