Import duty

Import duty,

Definition of Import duty:

  1. Import duty is a tax collected on imports and some exports by a country's customs authorities. A good's value will usually dictate the import duty. Depending on the context, import duty may also be known as a customs duty, tariff, import tax or import tariff.

  2. A payment levied on the import of goods.

  3. Import duties have two distinct purposes: raise income for the local government and to give a market advantage to locally grown or produced goods that are not subject to import duties. A third related goal is sometimes to penalize a particular nation by charging high import duties on its products.

  4. A tax on goods imported into a country.

How to use Import duty in a sentence?

  1. Around the world, several organizations and treaties have a direct impact on import duties.
  2. Import duty is levied when imported goods first enter the country.
  3. The government had imposed a 2% import duty on cut and polished diamonds.
  4. Import duty is also known as customs duty, tariff, import tax or import tariff.

Meaning of Import duty & Import duty Definition