Glossary of Customs and Trade Terms

V-Z

Valuation	The appraisal of the worth of imported goods by customs officials for the purpose of determining the amount of duty payable in the importing country. The GATT Customs Valuation Code obligates governments that sign it to use the ‘transaction value’ of imported goods--or the price actually paid or payable for them-- as the principal basis for valuing the goods for customs purposes.
VAT	Value Added Tax. The appraisal of the worth of imported goods by customs officials for the purpose of determining the amount of duty payable in the importing country. The GATT Customs Valuation Code obligates governments that sign it to use the ‘transaction value’ of imported goods--or the price actually paid or payable for them-- as the principal basis for valuing the goods for customs purposes.
Warehouse	A place for the reception, delivery, consolidation, distribution, and storage of goods/cargo.
Warehouse, bonded	A warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.
Warranty goods	Warranty goods are those that are supplied free of charge to replace defective goods
Warsaw Convention	The Warsaw Convention created uniform rules for liability of international air transport operators.
WCO	World Customs Organisation
Wharfage	Charge assessed by a pier or dock owner against freight handled over the pier or dock or against a steamship company using the pier or dock.
WHO	World Health Organization
WIPO	World Intellectual Property Organisation is situated in Geneva
WTO	World Trade Organisation
Zulu time	Time based on Greenwich Mean Time.