import duty


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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.

import duty

a TAX levied by the government on imported products (see TARIFFS) as a means of protecting domestic industries from foreign competition, in order to assist the country's BALANCE OF PAYMENTS and to raise revenue for the government. See PROTECTIONISM.

import duty

a TAX levied by the government on imported products (see IMPORT). Import duties are used to raise revenue for the government and as a means of protecting
References in periodicals archive ?
On the other hand, the FICCI memorandum on steel states - "The current import duty on stainless steel products in India is at 7.
The previous increase in import duty had already resulted in a significant increase in refining volumes to the tune of 40 to 50 percent due to a shift from import of RBD palmolein (Refined bleached deodorised palmolein) which does not require further processing to CPO (Crude palm oil) which needs to undergo processing and refining at our facilities.
EO 21 - Modifying the nomenclature and rates of import duty on certain information technology products under Section 1611 of the Customs Modernization and Tariff Act, in order to implement the Philippines' Tariff Commitments under the World Trade Organization - Information Technology Agreement
It was agreed that a variation in the customs duty (increase or decrease) on wheat, sugar and maize would be regulated and governed by formulae, also known as variable import duty formulae, based on a reference price system.
The Ministry of Finance is particularly concerned about the impact of the higher import duty on wheat on the price of bread and other staple food, but also mindful of the need to ensure policy certainty, food security and the financial health of the farming industry.
Finance Minister Ishaq Dar in his post budget press conference explained that budget 2015-16 is for the poor people of Pakistan and increase in the taxes on mobile phones is mainly targeting high end smartphones whereas the relief of waiver on import duty will pass on to poor people who can only afford a cheap mobile phone.
India's commerce minister has suggested that the import duty on gold be cut.
SUGAR turned bitter on Monday getting costlier by `60 per quintal at leading wholesale markets with the import duty being raised from 15 per cent to 40 per cent.
Summary: New Delhi: The Indian government is likely to increase import duty on jewellery from 10 .
The automaker has not set the timeline for the launch of the vehicle because of heavy import duty rates and a sluggish market.
Under the concessional import duty of 30%, the total duty incidence would fall around 80%, less than half off the current rates.
The Islamic Republic has doubled the import duty on rice from 45 percent to 90 percent to block rice imports that Iranian rice growers complain are driving down prices.