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 ?
According to Kwajaffa, no textile manufacturers have accessed the 10% import levy on textile materials since it was established in 1997.
Originally put in place in July 2013, it will now run until 2017, alongside a special import levy of between 1-2% on certain goods and services.
Indian customs department has been asked to search inbound travellers at sea and airports for gold or finished jewellery, which are subject to a special import levy, it is learnt.
He said: "The 46% import levy will make them (imports) less competitive.