IMPORTS

How important is it for you to

know the steps of importing
into your future profession?
I aspire to be a successful businesswoman someday.
Every entrepreneur aspires for their company to be
internationally competitive. As a result, it's critical to
grasp the basics of the import and export procedure
before conducting business abroad.

If you want to sell your products and services all over

the world, or if you need foreign partners to help you
break into new markets, importing items from other
countries may save you money, which is especially
useful to the manufacturing business.

IBT Activity 9
 IMPORTS
Explain how importing works
and the importance of
importing in business.
When individuals discuss importing in the context of
trade, they are referring to the purchase of goods or
services from another nation. These items or services
are subsequently given to clients by the importing
company or individual, increasing their purchasing
options, which is beneficial to a company.

Imports are crucial for the economy because they

allow a nation to supplement its market with items
from other countries when particular products or
services are unavailable, rare, expensive, or of poor
quality. Importing benefits and relevance to a firm
include introducing new items to the market, lowering
expenses, becoming a leader in the industry, and
supplying high-quality products.

VISPO
activity 9
 IMPORTS
Give some example of payment
ad valorem tax.
Ad valorem taxation is a type of taxation that is based on the assessed
value of a property, product, or service. Property taxes on real estate,
sales taxes on consumer items, and VAT on the value added to a final
product or service are some of the most frequent ad valorem taxes. Ad
valorem is a Latin phrase that literally means "per the value," "by the
value," or "in accordance with the value."

These taxes are charged as a proportion of an item's worth, such as a 6%

sales tax applied to the price of a new hair dryer you purchase.

When a government adopts a flat rate for an import tax or a value-added

tax (VAT) that is levied when an item is brought into or out of the country,
it is frequently called ad valorem tax. Property tax is the most frequent
sort of ad valorem tax in the United States, and it is one of the primary
sources of revenue for local governments at the county or municipal level.

One of the more complicated aspects of ad valorem taxes is that no one

agrees on the assessed values allocated to their property. To determine
your tax rate, an official assessor assesses your property (much like an
appraiser would during a house sale) and determines its assessed worth.
If the property is thought to be worth more today than it was previously,
your tax bill will increase.

VISPO