customs duty
Definition
Tax levied on imports (and, sometimes, on exports) by the customs authorities of a country to raise state revenue, and/or to protect domestic industries from more efficient or predatory competitors from abroad. Also called tariff, duty is based generally on the value of goods (called ad valorem duty) or upon the weight, dimensions, or some other criteria of the item (such as the size of the engine, in case of automobiles).
email to a friend
print this definition
cite this definition
link to this page
customs duty is in the Accounting & Auditing, Banking, Commerce & Finance, Customs Documentation & Procedures and International Trade & Relations subjects.
customs duty appears in the definitions of the following terms:
duty,
ATA Carnet,
ex ship,
landed cost,
indirect tax,
bond,
import duty,
customs union,
import tariff schedule,
informal entry
and
This content can be found on the following page:
http://www.businessdictionary.com/definition/customs-duty.html