Question

1. In a broader sense in tariff we include_____________________.



a. Only Import Duty /

b. Only Export Duty /

c. Import Duty, Export Duty and Transit Duty

d. Import Duty and Transit Duty ​

Answer 1

Answer:

only import duty is the correct answer

Explanation:

option a is the correct answer

Answer 2

Explanation for correct option

a:

1. Tariffs are the most common type of trade barrier.
2. Tariffs are taxes levied on the import and export of goods.
3. However, it generally refers to "import duties" levied when goods are imported.
4. Thus, in a broader sense, in tariff we include only import duty.

Explanation for incorrect options

b:

• Export duties are general or specific taxes on goods or services that become due when the goods leave the economic territory or the services are provided to non-residents.
• Tariffs do not apply to export monopoly profits or taxes resulting from multiple exchange rates.

Thus, option b is incorrect.

c:

Tariff only includes import duty and neither export duty nor transit duty.

Thus, option c is incorrect.

d:

• A transit duty, also known as a transit tax, is a tax levied on goods passing through a customs area on their way to another country.
• However, Tariff only includes import duty and does not include transit duty.

Thus, option d is incorrect.

Hence, option a) is correct.

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