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      V

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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.  See also Customs; Customs
Classification; Customs Valuation Code; Minimum Valuation; Tariff;
Tariff Schedules; and Tokyo Round.


VALUE.

The intrinsic worth of specific goods or services, generally
identifiable as the amount of money they can be exchanged for at any
given time.  See also Money; Price; and Utility.


VALUE ADDED TAX (VAT).

An indirect tax on consumption that is levied at each discrete point
in the chain of production and distribution, from the raw material
stage to final consumption.  Each processor or merchant pays a tax
proportional to the amount by which he increases the value of the
goods he purchases for resale after making his own contribution.  The
value added tax is imposed throughout the European Community and EFTA
countries and many other trading nations but not the United States.
See also Border Tax Adjustments; Consumption; Distribution;
Harmonization; Indirect Tax; Sales Tax; Tax; and Value.


VARIABLE LEVY.

A duty that increases or decreases as domestic or world prices
fluctuate, to ensure that the price of the imported product after
payment of duty will equal a predetermined "gate" price.  See also C
and F; Common Agricultural Policy; European Community; Restitutions;
and Threshold Price.


VAT.

See Value Added Tax.


VENTURE CAPITAL.

See Risk.


VISIBLE TRADE.

Imports, exports and re-exports of merchandise.  See also Balance of
Payments; Goods; Invisible Trade; and Trade.


VOLUNTARY RESTRAINT AGREEMENTS (VRAs).

Arrangements through which exporters voluntarily restrain certain
exports, usually through export quotas,to avoid economic dislocation
in an importing country, and to avert the possible imposition of
mandatory import restrictions.  Such arrangements do not normally
entail "compensation" for the exporting country.  See also Compensation;
Export Quotas; Export Restraints; and Orderly Marketing Agreements.


VRA.

See Steel Voluntary Restraint Arrangements.