11:51
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LSDefine
Simple English definitions for legal terms
revenue tariff
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A quick definition of revenue tariff:
Revenue Tariff: A revenue tariff is a tax imposed on imported goods with the purpose of generating income for the government. It is different from a protective tariff, which is meant to protect domestic industries by making foreign goods more expensive. Revenue tariffs are used to raise money for the government and are typically lower than protective tariffs.
A more thorough explanation:
A revenue tariff is a type of tariff that is imposed on imported goods with the primary purpose of generating revenue for the government. It is different from a protective tariff, which is designed to protect domestic industries by making imported goods more expensive.
For example, if a country imposes a revenue tariff of 10% on imported cars, the government will collect 10% of the value of each imported car as revenue. This revenue can then be used to fund government programs and services.
Another example of a revenue tariff is a tax on imported alcohol. The government may impose a tax on imported beer, wine, and spirits to generate revenue for the country.
Overall, revenue tariffs are a way for governments to generate income from imported goods without necessarily trying to protect domestic industries.