Duty

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Duty

A tax on imports, exports, or consumption goods.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

duty

See tariff.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
consumers, not these foreign countries, who would pay the added import levy.
The Federal government set aside 10% import levy on imported fabrics to develop operations of local textile manufacturers.
Under the Kaberuka plan, the AU hopes to raise $325 million annually from its five constituent regions for peacekeeping, with each region contributing $65m out of the proposed import levy.
He reiterated the demand for exempting the import levy to help the sector become price competitive.
Just last month the price of wheat flour went up by Rs.7.20 per kilo due to an increase in the import levy in a context where the world market price of a tonne of wheat has declined by about 40% since I was in office.