Question

What's the treatment of export and import and export duty and import duty in financial statement

Answer 1

this is the easy one I tried to say

Import Duty Explained

Import duties have two distinct purposes: raise income for the local government and to give a market advantage to locally grown or produced goods that are not subject to import duties. A third related goal is sometimes to penalize a particular nation by charging high import duties on its products.

In the United States, Congress established import duties. The Harmonized Tariff Schedule (HTS) lists the rates for imports and is published by the International Trade Commission (USITC). Different rates are applied depending on the countries' trade relations status with the United States. The general rate applies to countries that have normal trade relations with the United States. The special rate is for countries that are not developed or are eligible for an international trade program.