Entity: CUSTOM-DUTIES
Custom-duties refer to taxes or tariffs imposed on goods when they cross international borders. These charges are collected by customs authorities to regulate trade and protect local industries and economies.
CUSTOM-DUTIES
Etymology
The term 'custom-duties' originates from the concept of customs, which historically involved the assessment and collection of taxes on imported or exported goods.
Definition
Custom-duties are taxes or tariffs imposed on goods during international trade to safeguard a nation's economy, population, and environment.
Historical Context
Throughout history, custom-duties have played a crucial role in regulating trade and protecting domestic industries from foreign competition. These duties have evolved over time to adapt to changing global trade dynamics.
Cultural Significance
Custom-duties reflect a country's trade policies and economic priorities. They can impact the cost of imported goods, influence consumer behavior, and shape international trade relationships.
Related Concepts
Custom-duties are closely related to tariffs, trade agreements, and customs regulations. Understanding these concepts is essential for businesses engaged in international trade.
See Also
Custom-duties are taxes or tariffs levied on goods during international trade to safeguard a nation's economy, population, and environment.