How Do You Spell IMPORT DUTY?

Pronunciation: [ɪmpˈɔːt djˈuːti] (IPA)

Import duty is a term that is commonly used in global trade. The spelling of the word can be confusing because of its silent letters. The correct pronunciation is /ɪmˈpɔːt/ /ˈdjuːti/. The first part of the word is "im" and not "em". The second part is "port" and not "pert". The third and fourth letters are "du" and not "doo". The word duty is pronounced with a long "u" sound. Despite its complex spelling, mastering the pronunciation of import duty is essential for those involved in international trade.

IMPORT DUTY Meaning and Definition

1. Import duty, also known as customs duty or tariff, refers to a tax or levy imposed on goods that are being imported into a country from abroad. It is a form of indirect tax collected by the government at the time of importing goods, and the duty is typically calculated as a percentage of the value of the imported goods. The purpose of imposing import duties is to generate revenue for the government, protect domestic industries, regulate imports, and conserve foreign exchange.

   The rate of import duty varies depending on the type of goods being imported and the country of origin. Governments often set different duty rates for different goods, based on factors such as the importance of domestic production, market demand, and agreements made under international trade arrangements. The duty collected at customs helps to level the playing field between domestic and imported goods by raising the price of imported goods and making them less competitive in the domestic market.

   Import duties are an essential tool for governments to control imports and protect local industries, as they can restrict the entry of specific goods or provide a competitive advantage to domestic producers. However, excessive import duties may also lead to increased prices, reduced consumer choices, and potential retaliation by other countries through the imposition of their own import duties. Therefore, import duties often face scrutiny and debate, as governments strive to strike a balance between protecting domestic industries and fostering free trade.

Common Misspellings for IMPORT DUTY

• umport duty
• jmport duty
• kmport duty
• omport duty
• 9mport duty
• 8mport duty
• inport duty
• ikport duty
• ijport duty
• imoort duty
• imlort duty
• im-ort duty
• im0ort duty
• impirt duty
• impkrt duty
• implrt duty
• impprt duty
• imp0rt duty
• imp9rt duty

Etymology of IMPORT DUTY

The word "import" originated from the Latin word "importare", which means "to bring in". The word "duty" comes from the Old French word "deu", which means "rightful due". Therefore, the term "import duty" likely originated from the concept of a rightful due or obligation imposed on bringing goods into a country.

Similar spelling words for IMPORT DUTY

• imported,
• import credit,
• importance,
• importing,
• importunity,
• importantly,
• importee,
• Importune,
• importer,
• importunately,
• important,
• importunate,
• importation.