Customs Duties
The United States imposes tariffs or customs duties on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions. Failure to properly comply with customs rules can result in seizure of goods and criminal penalties against involved parties. United States Customs and Border Protection (“CBP”) enforces customs rules.
Read more about this topic: Taxation In The United States
Famous quotes containing the words customs and/or duties:
“The correct rate of speed in innovating changes in long-standing social customs has not yet been determined by even the most expert of the experts. Personally I am beginning to think there is more danger in lagging than in speeding up cultural change to keep pace with mechanical change.”
—Mary Barnett Gilson (1877–?)
“Of what use the friendliest dispositions even, if there are no hours given to Friendship, if it is forever postponed to unimportant duties and relations? Friendship is first, Friendship last.”
—Henry David Thoreau (1817–1862)