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 ?
The harmonization of import duties is important as it is expected ton be able to contribute to improving the performance of the industry and improving business climate.
The high import duties maintained by other Asean government are aimed at protecting their local producers.
Rising import duties due to Britain leaving the EU free trade area could affect the UK's major exports, including cars and pharmaceuticals, as could US-China trade tensions, UHY said.
He added that import duties from e-commerce products had reached 127 billion rupiah early this year.
"The import duty hike comes in implementation of a decision taken by the GCC Financial and Economic Cooperation Committee to approve an increase in rebar and wire rod import duties from 5 per cent to 10 per cent starting January 1st, and therefore the decision is being applied across all UAE's ports" he said.
In this light, even the worst-case scenario--in which $60 billion of import duties are levied on Chinese goods--pales in comparison to the magnitude of these other events.
EO 61, which was signed on August 2, listed in the Philippine Schedule of Tariff Commitments subject to the rates of import duties specified in the order.
Oreshkin stated on Tuesday that Moscow would soon introduce additional import duties on the US goods that have substitutes on the domestic market, in response to US duties on steel and aluminum.
This is because part of the import duties have been paid, some errors in the declared duty rates could be identified as part of the process (in some cases too low a rate and in others too high a rate) and the ZRA will apply some penalties and interest, but we think at a more proportionate level than initially assessed.
The company is also considering engine assembly line at its Bengaluru plant to reduce import duties.
'Meaning, same import duties, ownership constraints and other factors.'
Previously, Duterte said that the destruction of luxury cars was meant to send a message to wealthy car enthusiasts who do not pay right import duties.