Customs Duty for Dummies
noun
What does Customs Duty really mean?
Customs Duty is a term often used when we talk about trading and international commerce. It refers to a tax or fee that is imposed on goods that are imported into a country or region. When a person or a company brings items from one country to another, they may be required to pay a customs duty on those goods. This tax is collected by the government to protect local industries, regulate and control the flow of goods, and to generate revenue for the country.
Let's imagine a scenario where you are going on a vacation to a different country, and you want to bring some of your favorite snacks that are not available there. When you arrive at the airport, you will have to declare those snacks at the customs counter. The customs officers will then determine the value of those snacks, for example, how much it cost you to buy them. Based on the value and the rules of that country, they will calculate a customs duty that you need to pay. It's like a tax or fee that allows you to bring those snacks into the country. This duty is usually a percentage of the value of the goods, so if the snacks are expensive, you may have to pay a higher customs duty.
Now, let's say you ordered a cool toy from an online store located in a different country. When the toy arrives at your doorstep, you might discover that you have to pay an additional amount of money, which is the customs duty, before you can receive that toy. This is because the toy is being imported into your country, and the government needs to impose a customs duty on it. This duty not only helps the government regulate the importation of goods but also supports the growth of local industries by making foreign products slightly more expensive.
So, in simple words, customs duty means the tax or fee that has to be paid on imported goods. It serves as a way for governments to control trade, protect local industries, and collect revenue. Just like we pay taxes on our income, goods that come from other countries also have to pay a tax known as customs duty.
Revised and Fact checked by Daniel Taylor on 2023-10-28 09:34:59
Customs Duty In a sentece
Learn how to use Customs Duty inside a sentece
- When you bring your favorite toy from another country, you may need to pay customs duty at the airport.
- If your parents order a special gift for you online that is being shipped from another country, they might have to pay customs duty when it arrives in our country.
- When someone sends you a package from abroad, the customs duty is like a tax you have to pay on that package before you can receive it.
- If your family buys a new car from another country and brings it here, they will have to pay customs duty to legally bring it into our country.
- Sometimes, if you order clothes or shoes from an online store located outside our country, you might have to pay customs duty to get them delivered to your home.
Customs Duty Synonyms
Words that can be interchanged for the original word in the same context.
Customs Duty Hypernyms
Words that are more generic than the original word.
Customs Duty Hyponyms
Words that are more specific than the original word.