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Similar in concept to the groupings or grading systems used in other industries, with the NMFC, commodities are grouped into one of 18 classes—from a low of class 50 to a high of class 500. [1] Classification is based on an evaluation of four transportation characteristics: density, stowability, handling and risk or liability.
In accounting, the concept of a freight expense or freight spend account can be generalized as a payment for sending out a product to a customer. It falls under the umbrella category of expenses and is treated like other expense accounts in relation to the accounting equation, however, under generally accepted accounting rules, if the freight is Freight expense has a normal debit balance.
It is estimated that during the period 2005-2019, the global shipping industry as a whole paid taxes corresponding to an effective corporate income tax rate of 7%, compared to the OECD average corporate tax rate of 23.7%. One of the main reasons for the favorable tax treatment was the tonnage tax arrangements of several countries. [2]
A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck , ship , train , aircraft ), the weight of the cargo, and the distance to the delivery destination.
Class II: A carrier earning revenue between $40,387,772 and $504,803,294; Class III: A carrier earning revenue less than $40,387,772; In Canada, a Class I rail carrier is defined (as of 2004) as a company that has earned gross revenues exceeding $250 million (CAD) for each of the previous two years. [5]
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The classification will also change depending on whether the potatoes are fresh or frozen. Fresh potatoes are classified, under heading 07.01 ( Potatoes, fresh or chilled ), more specifically under subheading 0701.90 ( Other ), while frozen potatoes are classified, under heading 07.10 ( Vegetables (uncooked or cooked by steaming or boiling in ...
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