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 ?
PAMPI earlier said an increase in tariff rates from five percent to 40 percent would escalate prices of hotdogs and canned meat products that contain MDM by 12 to 17 percent.
The tariff rate would eventually revert back to 40 percent as stipulated in World Trade Organization (WTO) rules, but that wouldn't happen till January 1, 2021.
The finalization of tariff rate at which power would be supplied is the major issue between the government and private sector resulting in delay in functioning of power projects in Thar coalfield.
Azman also said TNB has maintained world-class performance in supply electricity while the electricity tariff rate of 21.8 sen per kWh (0-200 kWh) and 33.4 sen/kWh (201-300 kWh) has remained constant since 1997 and 2009, respectively.
He said Korea's exports will drop by $17.3 billion if average tariff rates rise to 10 percent.
On changes in customs tariff rates, the stakeholders have been asked to propose existing rate of duty during the fiscal year 2017-18 and thereby suggest new rates for FY 2018-19 by giving justification and rational for the change.
Pakistan imposes higher tariff rates on the import of goods, particularly imports of primary goods.
Specifically, we instrument tariffs by the bound tariff rates, which are prescribed by the WTO and should be exogenous, and by the lagged tariffs, which are predetermined and should be uncorrelated with current shocks in industry value added.
Dubai issued a resolution on public parking services in March that revealed new tariff rates for parking on street will be Dhs2 for 30 minutes, Dhs4 for one hour, Dhs8 for two hours, Dhs12 for three hours and Dhs16 for four hours.
and Japan, a more competitive manufacturing environment due to Vietnam's low labor costs, as well as cuts in tariff rates on export and import goods.
Riyadh, Rabi'I 18, 1437, December 29, 2015, SPA -- The Ministry of Water and Electricity explained that the new tariff rates of water, sanitation and electricity services in the kingdom will be enforced as of January 1, 2016.
Previous research however indicates that the FTA-related information provided by public agencies is too technical for most business people to understand correctly and difficult to track tariff rates and other legal provisions in every possible FTA from year to year and notes the need to create manuals that bridge the gap between the legal provisions and actual administrative work (Japan Economic Foundation (2010) Wagakuni ga teiketsu shita EPA riyo no jokyo koka kadai ni kansuru chosa kenkyu hokoku [A Report on Survey Results Concerning the Use of Japan's EPAs their Effectiveness and Related Issues] pp.72-73).