This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System.However, for certain items like petroleum and alcohol, customs duty is realized at a specific rate applied to the volume of the import or export consignments.
A tariff is a tax on imports or exports (an international trade tariff).
In other languages and very occasionally in English, "tariff" or its equivalent may also be used to describe any list of prices (electrical tariff, etc.).
A customs duty or due is the indirect tax levied on the import or export of goods in international trade.
In economic sense, a duty is also a kind of consumption tax.
A Harmonized System code may be from four to ten digits.
For example, 17.03 is the HS code for molasses from the extraction or refining of sugar.
A duty levied on goods being imported is referred to as an import duty.
Similarly, a duty levied on exports is called an export duty.
However, within 17.03, the number stands for "Molasses (Excluding Cane Molasses)".
Introduction of Harmonized System code in 1990s has largely replaced the Standard International Trade Classification (SITC), though SITC remains in use for statistical purposes.
For the purpose of assessment of customs duty, products are given an identification code that has come to be known as the Harmonized System code.