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A customs duty or due is the indirect tax levied on the import or export of goods in international trade. In economics a duty is also a kind of consumption tax. A duty levied on goods being imported is referred to as an 'import duty', and one levied on exports an 'export duty'.
The United States imposes tariffs (customs duties) on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source.
Import duty refers to taxes levied on imported goods, capital and services. The level of customs duties is a direct indicator of the openness of an economy to world trade. However, there may also be import barriers that are not based on the levy of duties.
Customs duties vary by country of origin and product, with duties ranging from zero to 81% of the value of the goods. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions.
When shipments of goods arrive at a border crossing or port, customs officers inspect the contents and charge a tax according to the tariff formula for that product. Usually the goods cannot continue on their way until the custom duty is paid. Custom duties are one of the easiest taxes to collect, and the cost of collection is small.
In a similar vein, a trader can evade customs duty by understatement of quantity or volume of the product of trade. A trader may also evade duty by misrepresenting traded goods, categorizing goods as items which attract lower customs duties. The evasion of customs duty may take place with or without the collaboration of customs officials.
Under this system, excisable goods can be dispatched from one tax warehouse to another without excise duty being charged. Products move between tax warehouses under cover of an accompanying administrative document (AAD), which is stamped by customs in the country of departure and by customs in the country of arrival, from where it is returned ...
The declaration form helps the customs to control goods entering the country, which can affect the country's economy, security or environment. A levy duty may be applied. Travellers have to declare everything they acquired abroad and possibly pay customs duty tax on goods. Some countries offer a duty-free allowance of certain products which may ...