Customs Tariff — C-54.011 52.1
Application of IT 52.1 (1) Subject to section 24, goods that are entitled to the Iceland Tariff are entitled to the Iceland Tariff rates of customs duty. “A” final rate (2) If “A” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “IT” in relation to goods entitled to the Iceland Tariff, the Iceland Tariff rate of customs duty that applies to those goods is the final rate. “F” staging for IT (3) If “F” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “IT” in relation to goods entitled to the Iceland Tariff, the Iceland Tariff rate of customs duty that applies to those goods is the initial rate, reduced as provided in the “F” Staging List. Staging for IT (4) If “Q1” or “Q2” is set out in the column entitled “Preferential Tariff” in the List of Tariff Provisions following the abbreviation “IT” in relation to goods entitled to the Iceland Tariff, the Iceland Tariff rate of customs duty that applies to those goods is the initial rate, reduced (a) if “Q1” is set out, (i) effective on the day that is three years after the day on which this subsection comes into force, to seven eighths of the initial rate, (ii) effective on the day that is four years after the day on which this subsection comes into force, to six eighths of the initial rate, (iii) effective on the day that is five years after the day on which this subsection comes into force, to five eighths of the initial rate, (iv) effective on the day that is six years after the day on which this subsection comes into force, to four eighths of the initial rate, (v) effective on the day that is seven years after the day on which this subsection comes into force, to three eighths of the initial rate, (vi) effective on the day that is eight years after the day on which this subsection comes into force, to two eighths of the initial rate, (vii) effective on the day that is nine years after the day on which this subsection comes into force, to one eighth of the initial rate, and (viii) effective on the day that is 10 years after the day on which this subsection comes into force, to the final rate of “Free”; and (b) if “Q2” is set out, (i) effective on the day that is three years after the day on which this subsection comes into force, to twelve thirteenths of the initial rate, (ii) effective on the day that is four years after the day on which this subsection comes into force, to eleven thirteenths of the initial rate, (iii) effective on the day that is five years after the day on which this subsection comes into force, to ten thirteenths of the initial rate, (iv) effective on the day that is six years after the day on which this subsection comes into force, to nine thirteenths of the initial rate, (v) effective on the day that is seven years after the day on which this subsection comes into force, to eight thirteenths of the initial rate, (vi) effective on the day that is eight years after the day on which this subsection comes into force, to seven thirteenths of the initial rate, (vii) effective on the day that is nine years after the day on which this subsection comes into force, to six thirteenths of the initial rate, (viii) effective on the day that is 10 years after the day on which this subsection comes into force, to five thirteenths of the initial rate, (ix) effective on the day that is 11 years after the day on which this subsection comes into force, to four thirteenths of the initial rate, (x) effective on the day that is 12 years after the day on which this subsection comes into force, to three thirteenths of the initial rate, (xi) effective on the day that is 13 years after the day on which this subsection comes into force, to two thirteenths of the initial rate, (xii) effective on the day that is 14 years after the day on which this subsection comes into force, to one thirteenth of the initial rate, and (xiii) effective on the day that is 15