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 ?
A prior policy granting operations located in industrial estates in Rayong Province a 75% reduction of import duties for raw materials used to manufacture products for domestic sale is henceforth repealed.
25 million yen in import duties by declaring the prices of the products to be higher than they actually were.
import duties on goods from about 130 developing, or small nations, expires today.
Summary: NEW DELHI -- India, the world's biggest bullion consumer, sharply hiked import duties on gold and silver on Tuesday in a move that will raise domestic prices of the precious metals.
Unless they change their stand, Kosovo intends to increase import duties by 10 percent on Serbian, Bosnian and Moldovan products imported in Kosovo.
The government has scrapped import duties on industrial basic materials in 182 tariff categories and capital goods.
It reduces import duties on exports from both countries of dyes, other chemicals, textile and clothing machinery and finished clothes.
With this exchange rate the Customs Office calculates the base upon which all import duties are calculated.
changed its customs regulations, relaxing import duties on the goods that would be returning from Mexico made from U.
The European Union (EU) on Wednesday welcomed a ruling by the World Trade Organization (WTO) that found Canada is violating WTO rules with its regime exempting import duties only for automobiles made by U.
The Scotch whisky industry's successful 20 year battle to end discriminatory Japanese import duties is paying dividends.
Trade and Industry Minister Rahardi Ramelan reportedly said PT Timor Putra Nasional, which is partly owned by Suharto's youngest son Hutomo Mandala Putra, must pay the import duties and luxury tax on the cars for failing to meet local content requirements.