Local Law Firms Home > Taxation Tax Law Overview > Import Export Tax Throughout the nation, more than $1 trillion in goods are traded annually. And it’s all up to exporters and importers to pay international and national trade taxes. Deciding whether your goods are ready to be shipped and what worldwide trade taxes are applicable can be complex. National commerce regulations require importers and exporters to wade through a lengthy, drawn-out procedure, which includes identifying the item and implementing complex formulas to calculate the international trade tax, or tariff.
Regulations and international trade taxes can also fluctuate, depending on the country the goods are being sent to or shipped from. Goods entering the U.S. territory of Guam, for instance, are subject to a processing fee and different types of local taxes. While products coming in from countries in the European Union are subject to extra international trade taxes, and an additional value tax. The products themselves also determine the international trade taxes. Calculations become altered for computers, for produce, and again for steel. Did you know? The Bureau of Customs and Border Protection is in charge of investigating violations of these import and export taxes. Our taxation law attorneys can also assist you in defending your prerogative in the United States Court of International Trade, where issues dealing with tariffs, export and import tax laws, international trade tax laws, and customs duties are rectified. |