Value The value of imported merchandise as declared by the importer and as finally determined by the Customs Service.
Value Added Tax (VAT) An indirect tax that is assessed at each stage of production and distribution from the raw material stage to the purchase of the final product on the amount of value contributed at each stage to the final product. Each company involved in the product or onward sale of the goods in question pays a tax proportional to the amount by which the firm increases the value of the goods purchased for resale after making his or her own contribution. VAT is a common tax found throughout the world, although not every country imposes such a tax.
Variable Levy Under the European Community’s Common Agricultural Policy, a duty that increases or decreases as domestic or world prices fluctuate to ensure that the price of the imported product after payment of duty will equal a predetermined “gate” price.
Visa A license issued to an importer by a foreign government pursuant to a quota. When asking for advice from the Customs Service, are you providing the most accurate, up-to-date, information you have on the merchandise.