import duty


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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.

import duty

a TAX levied by the government on imported products (see TARIFFS) as a means of protecting domestic industries from foreign competition, in order to assist the country's BALANCE OF PAYMENTS and to raise revenue for the government. See PROTECTIONISM.

import duty

a TAX levied by the government on imported products (see IMPORT). Import duties are used to raise revenue for the government and as a means of protecting
References in periodicals archive ?
Criticising the budget which carried no relaxation in customs duty and sales tax for locally manufactured motor cycles, Suzuki officials said that import duty of spare parts under CKD remains 25% while import duty on motor cycles has been slashed.
The book highlights the means of importing goods and arriving at the Customs value on which import duty and import VAT are computed.
Some of the submissions before the authorities even demand a cut in the 10 per cent import duty.
The government is seeking at raising the import duty on gold and on non-essential, or luxury, commodities to reduce the present account deficit (CAD).
26 ( ANI ): Orange producers of West Bengal have found a lucrative market in Bangladesh, despite that country's government imposing a 26 percent import duty per kilogram on Indian fruits and vegetables
The import duty on gold has been fixed at two percent of its value from an earlier flat rate of 300 rupees ($5.
KARACHI, November 18, 2011 (Frontier Star): The newly-elected vice chairman of All Pakistan Motorcycle Spare Parts Importers and Dealers Association (MSPIDA), South Zone, Nasir Maqbool has urged the government to reduce import duty on motorcycle spare parts from existing 35 percent to 20 percent to curb its smuggling.
Increase in exports of more competitive products will offset the potential losses in state revenue from the import duty cut and exemption, he said.
With a direct order from the Supreme Leader, the Majlis last week voted to raise the import duty on foreign cars back to 90 percent.
The APTMA spokesman said the textile industry was already demanding the government of removing import duty of 4.
This move will allow the company to be exempted from import duty on imported cars and bring down the price of the vehicle by around 20 to 25 percent if the company passes on the entire benefit to the consumer.
RUSSIA has secured the future right to export its vodka and other drinks products to key European Union (EU) export markets at import duty rates charged on cargoes from World Trade Organisation (WTO) member countries.