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 ?
Khripunov also added that it would be a reciprocal trade arrangement, approving duty-free import of certain Russian-made cars to Serbia in exchange for duty-free export of Fiat cars from Serbia to Russia.
She refused to serve me and several others but when we were airborne the stewardesses came round asking if anybody wanted duty-free goods.
Representatives of the ruling party reminded that the main reason behind the suspension of duty-free trade had been their functioning as smuggling hotspots.
Additionally, the agreement also provides for an increase in the rent paid by Aldeasa on its existing duty-free shops in Cancun's Terminal 2, Cozumel and Merida, as well as an extension of the terms of the leases on these stores.
According to Zofri, 44% of the used cars that arrive in Iquique end up in Paraguay; 28% go to the duty-free zone of Punta Arenas in the extreme southern tip of Chile; 9% go to Brazil, and 5% to Bolivia.
The large duty-free shop is being phased out and replaced by five individual units.
Duty-free shopping in Europe finished at the end of last month, leaving a potential lost market of pounds 136 million in EU sales.
But bulk buying and the promise of duty-free remaining for non-European Community countries could mean the growing airport, part-owned by Coventry City Council, does not lose out as much as it thought.
The request came from a group of duty-free shops," Pey said.
But the International Duty Free Confederation's Chairman Frank O'Connell, was quick off the mark to criticise statements from within the Commission that the abolition of duty-free sales will have no real effects upon employment in the transport and duty-free industries.
Traditionally, buying duty-free has meant booze and cigarettes.