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What (who) is Ad Valorem Equivalent - definition
TAX BASED ON VALUE OF TRANSACTION
Ad valorem; Ad Valorem; Ad-valorem
Ad Valorem Equivalent
AVE is the rate of duty which would have been required on dutiable imports under that item, if the United States customs value of such imports were based on the United States port of entry value.
Ad valorem
·- A term used to denote a duty or charge laid upon goods, at a certain rate per cent upon their value, as stated in their invoice, - in opposition to a specific sum upon a given quantity or number; as, an ad valorem duty of twenty per cent.
ad valorem
[?ad v?'l?:r?m]
¦ adverb & adjective (with reference to tax or duty) in proportion to the value of the goods or transaction concerned.
Origin
L., 'according to the value'.
Wikipedia
Ad valorem tax
An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ad valorem tax.
