Question

what is custom duty​

Answer 1

Answer:

Customs Duty definition: We shall look into its various aspects such as how Customs Duty is calculated, different categories that you need to be familiar with.

Customs Duty meaning:  Customs Duty is levied when goods are transported across borders between countries. It is the tax that governments impose on export and import of goods. Customs Duty is beneficial for many reasons. For instance, it ensures a country’s economic stability, jobs, environment, among others. It regulates the movement of goods in and out of the country.

Answer 2

Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of good