How is Knowledge of Customs Import Duty Essential for the Importers?

Some form of taxes and tariffs are applied on imports of all kind by the government. Customs import duty is a form of indirect tax levied on the importation of goods by the governments of various countries. This is applied on all goods except for life saving drugs and some kinds of food grains and medical equipment and has to be paid by the importers before claiming their goods from the customs. These taxes are levied and collected by the department of customs of the countries and the rate of it is determined in per unit or ad valorem basis and has to be paid by the importers when the goods enter the boundaries of their nation.


Customs imports duty is levied for various purposes, the most important of which is to raise the state revenue, and others are to secure the domestic industries from the predatory foreign competition and to save the domestic markets from flooding of foreign goods and also to control the imports of restricted and hazardous goods like bio chemicals, organic chemicals, restricted drugs and other goods of hazardous nature. These duties are calculated and fixed by the customs department and are notified to the common people. Like every other tax the purpose of levying these is also revenue generation from foreign imports.

All the importers should have the knowledge of the custom import duty which is levied on various goods because it is a cost incidental to their purchase and has to be borne them on account of any international purchases that they make and is an inclusion in the cost of goods that they are buying. The information related to the rates of customs duty of different countries is available online and anyone looking for these can get an access to the rates of these duties by a single click from the various websites and online portals which provide information about international exports and imports and global trade.

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