customs duty


Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to customs duty: Excise duty, Customs tariff

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.

customs duty

a form of EXPENDITURE TAX which is levied by the government on foreign products imported into the country. Customs duties are used mainly to raise revenue for the government, although they can serve, like TARIFFS, to reduce domestic spending on imports. See IMPORT, CUSTOMS AND EXCISE.

customs duty

a TAX levied on imported products (see IMPORTS). Unlike TARIFFS, customs duties are used primarily as a means of raising revenue for the government rather than as a means of protecting domestic producers from foreign competition. See TAXATION.
References in periodicals archive ?
To give an impetus to industry, the finance Minister said that the basic customs duty on imported flat-rolled products of stainless steel increased from 5 percent to 7.
Precious and Semi-Precious Stones: Customs duty on preform precious and semiprecious stones has been reduced from 10 per cent to 2 per cent.
I'm sure I'll get good support since most Indians want to revoke the more than 50-year-old law that charges customs duty on gold based on its weight, not the value," said Shamsudheen, who offers counseling to distressed Indians and has conducted nearly 300 awareness camps across the GCC.
The FBR further said that "black tea" is importable @ 10% customs duty, 17% sales tax, 5% advance income tax and one percent Special Excise Duty.
Customs duty is being reduced on vitamin premixes and mineral mixtures from 30 per cent to 20 per cent and on phosphoric acid from 7.
importer Z, it might be possible to use the $100 that Y paid, as opposed to the $130 that importer Z paid, as the basis for customs duty assessment.
s Urban Transport Strategy Plan, 1999 are being exempted from customs duty.
If evaded customs duty, he said, was taken at 10 percent and sales tax at 15 percent, the total revenue which the FBR did not collect was close to Rs 112 billion.
Similarly Basic Customs Duty is being reduced on certain raw materials used in lathe machines from 7.
The meeting has considered the second reading of draft amendments and additions to law on customs tariffs in Kyrgyzstan, aimed at canceling 35% of customs duty on imported natural gas.
In his maiden Budget presented in the Lok Sabha, Indian finance minister Arun Jaitley has exempted liquefied natural gas (LNG) imports from customs duty if it is meant for onward sale to the neighbouring nation.
TWO men convicted of smuggling medical supplies worth more than BD20 million into Bahrain to avoid paying Customs duty have been spared prison.

Full browser ?