Warehouse & Logistics Encyclopedia
Your comprehensive guide to warehouse, logistics, and supply chain terminology. Explore over 100+ industry terms with detailed explanations and practical insights.
Customs Duty
A tax imposed on goods when transported across international borders.
Definition
Customs duty is levied by a country on imports or exports to generate revenue or protect domestic industries.
Overview
Customs duties are a fundamental part of international trade and must be calculated accurately to avoid legal penalties.
Role
A tax imposed on goods when transported across international borders.
Focus
Customs duties are a fundamental part of international trade and must be calculated accurately to avoid legal penalties.
Example
A shipment of imported furniture is subject to a 10% customs duty based on invoice value.
FAQs
Q: Can you give an example of Customs Duty?
A: A shipment of imported furniture is subject to a 10% customs duty based on invoice value.