Import Duty: Definition and Examples

What is Import Duty?

The term “Import Duty” refers to a tax or tariff imposed on goods when they are brought into a country. This charge is determined by governmental authorities and serves to regulate international trade, protect domestic industries, and generate public revenue. The amount of import duty depends on several factors, including the type of goods, their value, the country of origin, and any applicable trade agreements. In many cases, the duty is calculated as a percentage of the declared value of the goods and represents a key component of a country’s customs policy.