Import Duty

Business / Agriculture / Import Duty: A customs duty is a charge assessed by a government on an imported item at its point of customs entry into the country, and paid for by the importer: the term is now used interchangeably with tariff. In terms of assessing duties there are two basic types: an ad valorem duty is assessed in proportion to the value of the imported item, whereas a 'specific' duty is assessed on the basis of a measure other than value, such as the quantity of the product imported. In addition, a 'compound' or 'mixed' duty, which is a combination of an ad valorem and specific duty, is occasionally used in the Harmonized Tariff Schedules of the United States (HTSUS). Special duties such as anti-dumping duties or countervailing duties may also be levied on imports to offset the unfair price advantage of an imported article that is sold below normal value or subsidized by an exporting country.

Other Words for Duty

Duty Adjective Synonyms: responsibility, obligation, burden, onus, devoir, office, work, task, assignment, job, stint, chore, occupation, calling, function, role, part, bit, charge
Duty Noun Synonyms: respect, deference, loyalty, fealty, fidelity, faithfulness, allegiance
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Other Words for Import

Import Adjective Synonyms: introduce, bring in
Import Verb Synonyms: meaning, sense, denotation, signification, gist, drift, thrust, intention, implication, purport, connotation, suggestion, allusion, intimation
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Import Safeguards

Business / Agriculture / Import Safeguards: A trade policy tool available to temporarily increase border protection for designated commodities and products. Its purpose is to allow a producing sector to adjust to changed market conditions befor MORE

Import Quotas

Business / Agriculture / Import Quotas: A quantitative limit placed on the importation of specific commodities. The protection afforded by quotas is more certain than can be obtained by imposing import duties as the effect of the latter wil MORE

Import Quota

Business / Agriculture / Import Quota: A trade barrier that sets the maximum quantity (quantitative restriction) or value of a commodity allowed to enter a country during a specified time period. The Uruguay Round Agreement on Agriculture MORE

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