Duty

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Duty

A tax on imports, exports, or consumption goods.

Duty

A tax that a country imposes on its imports and, occasionally, exports. A duty exists to make an import more expensive and to thereby encourage people to buy goods produced in their own country. Proponents of their use argue that duties discourage outsourcing of jobs to other countries and make the country more self-sufficient, but most economists agree that they are economically inefficient and some contend that they may ultimately harm the people they are intended to help. A duty is also called a tariff. See also: WTO, International trade, Globalization.

duty

See tariff.
References in periodicals archive ?
Although the competitive effects of environmental policies continue to be debated, there have been no instances to date of the use of import levies or export rebates to compensate for differing costs of environmental protection.
Officials said the outstanding issues include the size of the import levies and how much compensation should be granted to EU producers.
Instead, the government has introduced cost of living allowances and welfare payments, tightened bank lending curbs, boosted subsidies and slashed import levies and to offset the impact of price rises on its 25 million people.
Subsidies aimed at helping lower-income Saudis, state employee cost-of-living allowances and lower import levies on various food items are among measures Saudi Arabia has introduced to help consumers cope with rising inflation.