A duty is an indirect tax on the value of an imported or exported product.
A duty is an indirect tax imposed by government on the value of an imported or exported product.
Duty assessed on an imported product’s value is referred to as an import duty, while a duty assessed on an exported product is referred to as an export duty.
A duty is distinct from other forms of tax, such as sales tax, VAT, and excise tax. It is important to note that a duty is separate from fees that are assessed against cargo to pay for government services. This includes: entry processing fees, reimbursable government services or fines, penalties or liquidated damages for a documentary error, and any violations of customs regulations.
Get weekly insights into all things freight, delivered right to your inbox.