customs duty


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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 ?
This scrap is not available in India and has to be imported and hence customs duty on import of scrap may be reduced to NIL from current duty of 2.
Likewise, imported mobile handsets will become costlier as customs duty has been increased from 15 per cent to 20 per cent while some of their parts and accessories will now attract duty of 15 per cent.
The government has also rationalised additional Customs duty on the import of sub-components and components of various vehicles.
at least 40% value should be added to the goods during the manufacturing process (for which the customs duty exemption is being sought) by the mainland LLC locally (electricity costs, rent costs and employees' salaries will also be considered for the purposes of added value).
According to Article 15 of the law on customs tariffs, the maximum customs duty rate makes up 35%.
Under the said SRO, telecom sources say, the telecom industry used to avail a tax rebate and paid mere 5% customs duty on import of selected telecom equipment, which, as proposed in the new budget document, will increase to 10%, 15% and even 25% in some
To encourage production of LCD and LED TVs below 19 inches in India, the minister has waived the basic customs duty on LCD and LED TV panels used as inputs.
Import of coking coal, mainly used by steel industry, is exempted from basic customs duty, whereas non-coking coal attracts basic customs duty of 5 per cent.
Also, basic customs duty on high-end imported cars and other motor vehicles costing more than $40,000 (approximately Rs 22 lakh) and with engine capacity exceeding 3000cc for petrol engines and 2500cc for diesel engines has been increased from 75 per cent to 100 per cent.
Subsequently, basic customs duty on new passenger cars and other motor vehicles (high-end cars) costing more than $40,000 and/or engine capacity exceeding 3,000cc for petrol run vehicles and exceeding 2500 cc for diesel run vehicles has been hiked 100 per cent from 75 per cent earlier.
Ahmed Mustafa, president of the Customs Duty Officers Union (CDOU) in Alexandria, discussed plans to form a joint committee with the city's Customs Department in order to address obstacles and impediments faced throughout the city's facilities.
Summary: Hundreds of Indian expatriates are signing up an online petition seeking the withdrawal of customs duty on gold ornaments while travelling to their country.

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