Duty

(redirected from Import Levies)
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 ?
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.
The Irish groups fear that the WTO proposals, due to be discussed next month, could lead to EU import levies being slashed, resulting in uncontrolled imports of cheaper beef from South America.
France has no use for the Brazilian industry because it is a major competitor, he complains, and has been behind most of the special import levies imposed on Brazilian poultry on virtually any pretext.