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Tax Conclusion

Customs duty refers to the tax imposed on goods transported across international borders. It is an indirect tax levied by governments on imports and exports. Companies involved in international trade must comply with customs duty regulations and pay the appropriate taxes. The primary purposes of customs duty are to generate government revenue, protect domestic industries from foreign competition, and reduce fraudulent activities and unreported money flows.

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70 views1 page

Tax Conclusion

Customs duty refers to the tax imposed on goods transported across international borders. It is an indirect tax levied by governments on imports and exports. Companies involved in international trade must comply with customs duty regulations and pay the appropriate taxes. The primary purposes of customs duty are to generate government revenue, protect domestic industries from foreign competition, and reduce fraudulent activities and unreported money flows.

Uploaded by

midhat khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CONCLUSION

Customs Duty refers to the tax that is imposed on the transportation of goods across
international borders. It is a kind of indirect tax that is levied by the government on the
imports and exports of goods. Companies that are into the export-import business need to
abide by these regulations and pay the customs duty as required. Put differently, the customs
duty is a kind of fees that are collected by the customs authorities for the movement of goods
and services to and from that country.
The tax that is levied for the import of products is referred to as import duty, while the tax
levied on the goods that are exported to some other country is known as export duty.

The primary purpose of customs duty is to raise revenue, safeguard domestic business, jobs,
environment and industries etc. from predatory competitors of other countries. Moreover, it
helps reduce fraudulent activities and circulation of black money.

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