Customs Duty

Tax Glossary Definition

Customs Duty

Customs duty is a tax imposed by the government on goods imported into or exported from a country. It is levied to regulate trade, protect domestic industries, and generate revenue. The rate and applicability depend on the type of goods, their value, and applicable trade policies.

Example: Customs duty is levied on imported cars, meaning the importer must pay a specified percentage of the car’s value as tax while bringing it into the country.

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