Custom Duties

Custom duties are taxes imposed by a government on goods imported into or exported out of a country. Their purpose is to raise revenue for the government and protect local industries from foreign competition by making imported goods more expensive. When goods cross borders, customs officials assess these duties based on the item's value, type, and origin. Importers must pay these duties before their goods can enter the country, and they can vary significantly depending on trade agreements and specific regulations. Overall, customs duties are a key part of international trade and economic policy.