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LSDefine
Simple English definitions for legal terms
import duty
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A quick definition of import duty:
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 to protect local businesses from foreign competition. The amount of import duty that is charged depends on the type of goods and the country they are coming from. Import duty is paid by the person or company that is importing the goods.A more thorough explanation:
Definition: A tax on the importation of a product.
Example: If a company in the United States imports shoes from China, they may have to pay an import duty to the U.S. government.
Explanation: Import duty is a tax that is imposed on products that are brought into a country from another country. The tax is usually a percentage of the value of the product. In the example given, the company importing shoes from China would have to pay a tax to the U.S. government based on the value of the shoes. This tax is meant to protect domestic industries and generate revenue for the government.