Export terms > Custom duty

Custom duty: Meaning and definition

Custom duty: Meaning and definition

What is a custom duty?

Customs duty, also known as import duty or export duty, is a tax levied by the government on the movement of goods across international borders. The government uses taxes and duties on imported and exported goods to control the flow of merchandise and protect businesses and the overall trade environment. The purpose of customs duties is to regulate export and import of goods, especially restricted and prohibited goods.

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