import duty

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import duty

The company paid a high import duty on the shipment.

Definition

Noun: A tax or tariff levied by a government on goods brought into a country from another country. It is a charge paid at the point of entry for imported items.

Usage

"Import duty" is used to describe the specific tax applied to imported goods. It is a compound noun typically used in economic, trade, and logistical contexts. - The primary purpose of an import duty is often to protect domestic industries from foreign competition or to generate government revenue. - It is calculated as a percentage of the item's value (ad valorem duty) or as a fixed fee per unit.

Examples
  • The company had to pay a high import duty on luxury vehicles.
  • Before shipping, check the import duty rates for electronic goods in the destination country.
  • A reduction in import duty on medical supplies was announced during the crisis.
Advanced Usage
  • "To be subject to import duty": Means that goods are liable to be taxed upon import.
  • "Import duty exemption": Refers to a situation where certain goods are not required to pay the tax.
Variants and Related Words
  • Tariff: A synonym often used interchangeably with "import duty," though "tariff" can also refer to taxes on exports.
  • Customs duty: A broader term that can encompass both import and export duties.
  • Excise duty: A tax on the manufacture or sale of specific goods a country, which is different from an import duty.
Synonyms
  • Customs charge
  • Import tax
  • Import levy
  • Import tariff
Related Phrases
  • "Pay the import duty": The act of settling the tax charge.
  • "Duty-free": Denoting goods on which no import duty is charged, typically at airports or in specific zones.
import duty

The company paid a high import duty on the shipment.

Noun
  1. a duty imposed on imports