Transportation
Customs Duty
A tax imposed on goods when transported across international borders.
C
Updated 2025-10-01
Definition
Customs duty is levied by a country on imports or exports to generate revenue or protect domestic industries.
Overview
Overview
Customs duties are a fundamental part of international trade and must be calculated accurately to avoid legal penalties.
Types
- Ad valorem duty (percentage of goods value)
- Specific duty (fixed amount per unit)
- Compound duty (combination of both)
Example
A shipment of imported furniture is subject to a 10% customs duty based on invoice value.
Tags
#Customs Duty#Tax#Import#Export
Related Terms
Customs Valuation
Import License
Customs Clearance
