What are the Factors Affecting Duties and Taxes?Updated a year ago
Several factors influence the calculation of duties and taxes:
Value of the goods: Most countries offer a tax and duty-free threshold, also known as de minimis value. If the value of the goods, excluding shipping and insurance, is less than this threshold, no duties and taxes will apply.
Classification of goods: Each product has a specific classification code, known as a Harmonized System (HS) code. Different product categories have different duty rates, ranging from 0% to 20% or more.
Country of Origin: Some countries have trade agreements in place that allow duty-free import of certain goods from specific countries.