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 ?
- Steel duties will also be reduced to 5pc to help razor exporters
The previous government had resorted to regulatory duties to help discourage imports and raise revenues amid widening fiscal and current account deficits.
In Sheikhpura region eight security personnel were performing duties of parliamentarians and common persons as well.
It is also true that, in a particular case, the duties of prudence and loyalty may be “interrelated and overlapping” (Leber v.
For the first time in last many years, government has also imposed regulatory duties on all types of imported cars, including the hybrid vehicles.
A report in The Economic Times says, under the Indo-EU FTA, the European manufacturers will get a concession in the import duties of cars.
Yet when was the last time a public figure voluntarily resigned a post after failing to fulfill his duties?
However EU-made petroleum based treatments for textiles attract 3% duties. Also woven fabrics of jute and flax attract 5% duties, of nylon 10% and polyester 15%.
While over $600 million in AD/CV duties dating back to 2001 remain uncollected, they are highly concentrated among a few products, countries of origin, and importers.
Sixty-seven law enforcement officers died in accidents while performing their duties. Automobile incidents claimed the highest number (39).
The nature and scope of the duty need to be determined, and conflicting duties must be recognized and acknowledged.