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 ?
Chandran, who is also an adviser to the Roundtable on Sustainable Palm Oil executive board, said if the SEA wants to make Malaysia's import duty on refined palm oil at the same level as its Indonesian counterpart, the association should appeal to reduce the duty on shipments from Indonesia, not by increasing the tariff on Malaysia.
The Senate observed that the downward review of the import duty
From the moment news broke that India would be hiking import duty, local retailers went into overdrive.
The price included nearly Rs38,000 import duty on the phone,' he revealed.
Seeking the prime minister's intervention, Kumaraswamy had requested to suitably raise the import duty on iron ore and pellets.
A pair of running shoes with a retail price of $100 might only cost the importer $30 and a 25% import duty would amount to $7.50.
It must be mentioned that there were three categories of handsets as following: Feature phone - Import Duty: Rs 300, Low end smartphone - Import Duty: Rs.
EO 20 - Modifying the nomenclature and rates of import duty on various products under Section 1611 of Republic Act no.
All Pakistan Textile Mills Association (APTMA) Sindh-Balochistan Zone has appealed to the government for the removal of 4% import duty on raw cotton as the local crop is estimated to be not more than 11.25 million bales this year; whereas, the requirement of Pakistan's industry is not <14.5 million bales at the moment.
Rimmer guides readers through the highly complex value added tax (VAT) and import duty issues for importers, exporters, and businesses transacting across the European Union.
But for the last two years, its growth has turned negative as the industry heavily loaded with the extent and depth of tax regime's severity by 16% duty (10% regulatory duty, 1% import duty and 5% normal import duty) on one-day old chicks imported for grand parenting.
The symposium also recommended enhancing import duty on fresh, frozen, chilled and processed chicken meat and value-added products to support local poultry farming.