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LSDefine

Simple English definitions for legal terms

compound duty

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A quick definition of compound duty:

Compound duty is a type of tax that is based on a combination of factors, such as the weight, volume, or item count of imported goods, as well as a percentage of their value. It is different from ad valorem duty, which is calculated as a percentage of the imported product's value, and specific duty, which is calculated based on the product's weight, volume, or item count. Compound duty is one of several types of taxes that can be imposed on imported goods, and it helps to generate revenue for the government.

A more thorough explanation:

Compound duty is a type of tax that is based on a combination of factors such as weight, volume, or item count, as well as a percentage of the product's value. For example, if a product is imported and subject to a compound duty of 5% of its value plus $1 per pound, the total duty owed would be calculated by adding 5% of the product's value to $1 multiplied by the product's weight in pounds.

Compound duty is different from ad valorem duty, which is calculated as a percentage of the product's value only, and specific duty, which is calculated based on the product's weight, volume, or item count only.

An example of compound duty in practice is the duty imposed on imported textiles in the United States. The duty is calculated based on the weight of the textile and a percentage of its value.

compound | compounder

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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