De minimis definitions
| Word backwards | ed siminim |
|---|---|
| Part of speech | The part of speech of the word "de minimis" is an adjective. |
| Syllabic division | de mi-ni-mis |
| Plural | The plural of the word de minimis is de minimis. |
| Total letters | 9 |
| Vogais (2) | e,i |
| Consonants (4) | d,m,n,s |
De minimis is a Latin term that translates to "about minimal things." In legal contexts, it refers to a threshold set by law under which goods or services are considered so small or inconsequential that they do not require formal documentation. This concept is often used in taxation, customs, and trade regulations to reduce the administrative burden on businesses for minor transactions.
Origin and Purpose
The de minimis threshold is designed to streamline processes and improve efficiency by allowing authorities to focus on significant issues rather than minor details. It helps prevent unnecessary paperwork and resources from being spent on trivial matters, thereby saving time and costs for both businesses and government agencies.
Application in Customs
In customs regulations, the de minimis value is the maximum monetary limit for imported goods that are exempt from duties and taxes. This threshold can vary by country and is typically based on factors such as the type of goods, the purpose of importation, and the trade agreements in place. By allowing low-value shipments to enter without additional fees, customs authorities can expedite clearance processes and facilitate international trade.
Benefits and Considerations
The de minimis rule benefits small businesses and individual consumers who frequently import low-cost items by reducing the financial burden and delays associated with customs duties. However, there may be concerns about potential abuse of this provision for undervaluing goods or circumventing trade regulations. Striking a balance between facilitating trade and ensuring compliance remains a key consideration for policymakers.
In conclusion, de minimis thresholds play a significant role in simplifying administrative procedures and promoting trade facilitation. By focusing resources on matters of greater importance, authorities can create a more efficient and effective regulatory environment while supporting the growth of businesses and international commerce.
De minimis Examples
- The court ruled the error was de minimis and did not affect the outcome of the case.
- The company considered the cost of the missing supplies to be de minimis and did not pursue further investigation.
- The difference in opinion was de minimis and did not impact their working relationship.
- The impact of the new law on small businesses was deemed de minimis by experts.
- The error in the report was considered de minimis and was quickly corrected.
- The amount of time saved by the new process was de minimis, but still appreciated by employees.
- The cost of the minor damages was determined to be de minimis by the insurance company.
- The environmental impact of the project was deemed de minimis by the regulatory agency.
- The discrepancy in the financial records was considered de minimis and did not warrant further investigation.
- The delay in delivery was de minimis and did not significantly impact the project timeline.