The function of a customs duty account in Incoterms arrangements is to settle and pay duties, taxes, and charges via a designated account (belonging to the buyer or a third party) according to agreement.
Source: https://iccwbo.org/resources-for-business/incoterms-2020/
Tools that match this term
You might also be interested in these terms
Analyze all 11 Incoterms 2020: cost matrix, risk timeline, insurance gap detector and customs responsibility – free, no login required.
Weekly: Top news, industry facts and insights from the world of logistics – free.
Content reviewed and editorially cleared.
Share your knowledge, ask follow-up questions, or add practical insights to this page. Every contribution is moderated before publication.