Glossary

Customs Duty

Tags: Glossary

A tax charged by a state on goods reaching their territory.

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What is customs duty?

Customs duty is a tax imposed by a country on imported goods and services. Customs duty is usually based on the value of the goods or services and is charged when they are transported across international borders. 

 

Customs Duty vs Tariffs 

A customs duty is a tax imposed on imported goods and services, while a tariff is a tax imposed on goods and services produced within a country. Customs duties are usually based on the value of the goods or services, while tariffs are typically based on the quantity or volume of the goods. 

 

Customs Duty vs Taxes 

Customs duties are taxes imposed on imported goods and services, while taxes are levies on goods and services produced or consumed within a country.  

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