Which term refers to the process of determining the amount of duties and taxes due on imported and exported goods?

Which term refers to the process of determining the amount of duties and taxes due on imported and exported goods?

• A. Bureau
• B. Assessment
• C. ABO
• D. Admission

Answer: (B)

The main concept is the calculation of how much duty and tax is owed on goods. This process is called assessment. It involves applying the correct tariff classification and valuation to the goods, considering origin and any exemptions, to determine the exact duties and taxes due. The outcome is the duty assessment that the importer must pay to clear the goods. This term refers specifically to figuring the amount owed, not to the agency handling it (a bureau) or the act of simply admitting goods into the country (admission). The other term listed isn’t used for this calculation.

The main concept is the calculation of how much duty and tax is owed on goods. This process is called assessment. It involves applying the correct tariff classification and valuation to the goods, considering origin and any exemptions, to determine the exact duties and taxes due. The outcome is the duty assessment that the importer must pay to clear the goods. This term refers specifically to figuring the amount owed, not to the agency handling it (a bureau) or the act of simply admitting goods into the country (admission). The other term listed isn’t used for this calculation.