Import Duty
/ˈɪmpɔrt ˈdjuːti/
Definitions
- (n.) A tax imposed by a government on goods imported into its territory, intended to protect domestic industries or generate revenue.
The import duty on luxury cars was increased to discourage foreign purchases.
Forms
- import duties
Related terms
See also
Commentary
Import duties are often structured as specific or ad valorem taxes and play a key role in trade regulation and policy.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.