What are import tariffs?
A tariff (or duty, the words are used interchangeably) is a tax levied by governments on the value of imported products. Sales and state taxes, and in some instances customs fees, will often be levied as well. The tariff is assessed at the time of importation along with any other applicable taxes/fees. Tariffs raise the prices of imported goods, thus making them less competitive within the market of the importing country. Before exporters want to export to any country, he/she need to determine what the tariff rate is on their product(s) as well as any import fees for that country.
Related Questions
- Why does PAAPAM insist on maintaining tariffs on the import of auto-parts at 50% whereas the tariff on all other imports has been decreased to a maximum of 25%?
- I am an importer, and want access to reduced import tariffs for egg and poultrymeat products. Who should I contact for more information?
- How are import tariffs impacting the print market?
