Duty

(redirected from Import duties)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 ?
Musk continued to lay out his frustration with the current trade relationship, pointing out a significant disparity in the import duties each country places on the other nation's cars.
Import duties also do not apply on goods imported for the purpose of demining, goods for reconstruction projects in BiH, if the project has been adopted by the Council of Ministers of BiH and fully funded by foreign donors or international development banks, and are partly financed from the budget.
On the same day that higher import duties were announced for tobacco, import duties for alcohol were also raised from 125pc to 225pc.
Cars which have a landed price of about Rs 25 lakh, are sold in India at about Rs 69 lakh currently, but under concessional import duties the cost will be in the ware bouts of Rs 45 lakh.
Intelligence reports and reliable data on import tariff and import duties is always of special importance to businessmen and buyers, since it plays a major role in assessing a product's utility under the parameters of sales and profits.
Currently, Russia applies zero import duties to civilian aircraft with passenger capacity under 19 and over 300 people.
The removal of import duties reverses a 5 percent tariff the Saudi government imposed in January and comes after the price of steel billet in the Black Sea rose.
The soft wheat import duties cover the period between June 1 and -December 31, while the durum import duties are for June and July.
The export of Pakistani rice, kinnow and potatoes to Iran are likely to increase as the Islamic Republic has removed import duties on these items, Daily Times reported.
A coalition is lobbying against the introduction of import duties on children's leather shoes from China and Vietnam.
subsidiary in Miyazaki Prefecture on suspicion of evading more than 100 million yen in import duties.
With this exchange rate the Customs Office calculates the base upon which all import duties are calculated.