A duty is an indirect tax on the value of an imported or exported product.

What is a Duty?

A duty is an indirect tax on the value of an imported or exported product. 

Duty assessed on an imported product’s value is referred to as an import duty, while a duty assessed on an exported product is referred to as an export duty. 

Duties are imposed on both goods that are imported, customs duties, and goods manufactured locally, excise tax. It is important to note that a duty is separate from other fees that are assessed against cargo to pay for government services. This includes: entry processing fees, reimbursable government services or fines, penalties or liquidated damages for a documentary error, and any violations of customs regulations. The government bases the amount of duties to be paid on the value, weight, dimensions, etc. of the imported goods. Duties can vary by product and country of origin.

Different types of duties include:

• Basic Duty
• Countervailing Duties
• Anti-dumping duty