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 ?
In a scenario with 50% lower import levies, Ukraine and the USA already offer whole egg powder at a lower price compared to the EU egg sector.
He does not believe that this issue can be addressed by introducing trade barriers or import levies. "These mechanisms firstly often result in higher costs to the consumer and secondly make the manufacturer or producer fat and lazy.
2) The amount of customs security for transit operation shall be determined by the customs so that it covers any import levies chargeable on goods so carried.
In this context, it has also been agreed that financial guarantees equal to the amount of import levies of Pakistan have to be deposited by authorised brokers, customs clearing agents to check the un-authorised trade and these deposits will be released after the goods exit the country.
In this context, it has also been agreed that financial guarantees equal to the amount of import levies of Pakistan have to be deposited by authorized brokers, custom clearing agents to check the un-authorized trade and these deposits will be released after the goods exit the country.
While most white farmers had more options, such as going to South Africa and bringing goods back, import levies have now made that almost impossible.
Apart from various political and democratic conditions and further market economic reforms, the EU is particularly concerned about remaining issues relating to an Internal Market and Trade Action Plan designed to create a single economic space: harmonisation of agricultural tariffs; harmonised import levies; and institutional reinforcement of key structures, such as a joint customs office with sufficient executive powers.