20:59
got a random stanford email and almost had a heart attack
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LSDefine
Simple English definitions for legal terms
duty on import
Read a random definition: soft goods
A quick definition of duty on import:
Import duty is a tax that is charged on goods that are brought into a country from another country. It is a way for the government to make money and protect local businesses from foreign competition. The amount of duty charged depends on the type of goods and their value. Import duty is paid by the importer of the goods and is usually included in the price that the buyer pays.A more thorough explanation:
Definition: A tax on the importation of a product.
Example: When a company imports goods from another country, they may have to pay a duty on the imported products. For example, if a company imports shoes from China, they may have to pay a duty on each pair of shoes they bring into the country.
Explanation: Duty on import is a tax that is imposed on imported goods. The tax is usually a percentage of the value of the imported product or a fixed amount per unit. The purpose of the duty is to protect domestic industries from foreign competition and to generate revenue for the government. The example illustrates how a company may have to pay a duty on each unit of the imported product they bring into the country. This tax increases the cost of the imported product, making it less competitive with domestically produced goods.