customs duty


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Related to customs duty: Excise duty, Customs tariff

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.

customs duty

a form of EXPENDITURE TAX which is levied by the government on foreign products imported into the country. Customs duties are used mainly to raise revenue for the government, although they can serve, like TARIFFS, to reduce domestic spending on imports. See IMPORT, CUSTOMS AND EXCISE.

customs duty

a TAX levied on imported products (see IMPORTS). Unlike TARIFFS, customs duties are used primarily as a means of raising revenue for the government rather than as a means of protecting domestic producers from foreign competition. See TAXATION.
References in periodicals archive ?
The customs duty on crude oil was reduced to zero from five per cent when oil prices rose steadily in 2008.
A 10 per cent customs duty has been imposed on digital cameras that record videos of certain specifications.
It is, however, producing the S Class sedan by paying 30 per cent customs duty and the company is likely to hike the price of the car by about Rs 8 lakh within the next few weeks.
Industrialization of Rural Areas: ECC has recently approved a package of incentives for setting up industries in the rural areas whereby machinery meant for projects set up in such areas would be exempt from customs duty and sales tax.
And, the said company shall also furnish an understanding to the effect under reference FSRU that in case it fails to make payment of the deferred amount of Customs Duty and/or surcharge the same shall be recoverable under Recovery Rules and section 202 of the Customs Act, 1969, read the order issued by FBR.
On microwaves, customs duty has been doubled to 20 percent, from the earlier 10 percent rate.
a) Exemption from basic customs duty and additional duty of customs (CVD) on all raw material and parts for manufacturing of ships/vessels/tugs and pusher craft etc, subject to the condition that such manufacturing takes place in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962.
The government had hiked customs duty on gold from four per cent to six per cent on January 21 to curtail gold imports, which are next only to crude oil in adding to the current account deficit, which touched an alltime high at 5.
It is hoped the regulation, which even stops people from wearing simple gold ornaments for fear of being charged customs duty, will be abolished soon following an assurance given by the Indian Prime Dr Minister Manmohan Singh.
According to a news report, it has been agreed that the bank guarantee equivalent to amount of customs duty applicable on goods imported under APTTA for Afghanistan through Pakistani land route would not be implemented.
81/100 kg instead of the normal customs duty of Euro 140/100 kg) for the 1998-1999 marketing year.
Earlier this year Customs issued a long-awaited notice, holding that certain royalty payments are a part of customs value of imported merchandise and thus subject to customs duty.

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