CUSTOMS DUTY Meaning and
Definition
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Customs duty refers to a tax or tariff imposed on goods and products that are imported or exported by a country. It is a financial obligation payable to the government by individuals or companies engaged in cross-border trade activities. The purpose of customs duties is primarily twofold: to generate revenue for the government and to regulate international trade by protecting the domestic economy.
Customs duties are typically levied based on the value or quantity of the goods being transported across borders. The rates of these duties may vary depending on factors such as the type of goods, their country of origin, and the trade agreements in place between countries. They can be levied on both raw materials and finished products, and can also be specific to certain industries or products to protect local manufacturers or industries from foreign competition.
The revenue generated from customs duties is often used to fund various government programs and initiatives. Additionally, customs duties serve as an important tool for economic policy, allowing governments to control the inflow or outflow of certain goods and thus protecting domestic industries or promoting exports.
Customs duties are typically enforced by customs authorities or border control agencies. These agencies are responsible for assessing and collecting duties, inspecting goods to ensure compliance with regulations, and preventing the movement of prohibited or restricted items across borders. Failure to comply with customs duties can result in penalties, fines, or confiscation of goods.
Common Misspellings for CUSTOMS DUTY
- xustoms duty
- vustoms duty
- fustoms duty
- dustoms duty
- cystoms duty
- chstoms duty
- cjstoms duty
- cistoms duty
- c8stoms duty
- c7stoms duty
- cuatoms duty
- cuztoms duty
- cuxtoms duty
- cudtoms duty
- cuetoms duty
- cuwtoms duty
- cusroms duty
- cusfoms duty
- cusgoms duty
Etymology of CUSTOMS DUTY
The term "customs duty" has its origins in the Middle English period, specifically from the late 14th century. The word "custom" comes from the Old French word "costume" meaning "habit" or "practice", derived from the Latin word "consuetudo", meaning "habit" or "custom". "Duty" originates from the Middle English word "dute" or "dewte", which comes from the Anglo-French word "duete", meaning "due" or "owed". Therefore, "customs duty" refers to a tax or fee owed on goods brought into or taken out of a country, reflecting the long-established practice of levying taxes on imported or exported goods.
Similar spelling words for CUSTOMS DUTY
- custom-made,
- customary,
- customized,
- custom-built,
- customarily,
- customhouse,
- Customs Service,
- Customs Bureau,
- customshouse,
- customised,
- customs union.
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