Ad valorem duty is based on the fair market value of the imported good as of the date it reaches the United States,not the price actually paid for the good when sold for export to the United States.

Question

Quizplus · Accepted Answer

Ad valorem duty is typically based on the transaction value, which is the price actually paid or payable for the goods when sold for export to the United States, not the fair market value upon arrival.

Ad Valorem Duty Is Based on the Fair Market Value