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 ?
Caption: Figure 1 AVERAGE TARIFF ON IMPORTS, TOTAL AND DUTIABLE, UNITED STATES, 1790-2015
"We have written to all airlines that they should provide Customs Declaration Form to passengers carrying dutiable goods and that they should fill it up on board flights so that they do not have to stand in queue after deboarding," he told PTI.
The Commonwealth Statistician also calculated in the same manner the average rate on all 'dutiable imports' only, excluding imports that entered duty-free.
tariff on dutiable imports has fallen from 45 percent in 1930 to less than 5 percent in 2010.
In section one, the dutiable value, calculated duty, and average duty applied to aggregate CBI imports establish an overall downward trend from 2000 to 2006, as would be expected with the increasing use of preferences provided under the CBTPA.
Whether a particular royalty or license fee paid by an importer must be included in the customs value of its imported product (or, for purpose of this article, is "dutiable") must be determined on a case-by-case basis and will generally depend on: (i) whether the buyer was required to pay the fee as a condition of sale of the imported product for exportation to the United States; and (ii) to whom and under what circumstances the fee was paid.
Tax collection on international trade has increased in real terms over the last five years, reflecting growth in dutiable imports as well as improved collection efforts of the customs department.
RIYADH - Responding to public demand, the Sri Lankan government will allow duty-free concessions to some of the items that were listed under dutiable goods in a recent circular issued by Sri Lanka Customs: namely, four-burner cookers and washing machines.
When a company imports dutiable goods from related parties, section 1059(A) limits the amount of deduction or cost of goods sold basis to the amount declared to and finalized by Customs.
Dutiable goods were brought into the UK and then shipped out again.
By 2000, the average tariff was 1.6 percent, and, on dutiable items, 4.8 percent.