Customs and Excise Duties

Customs and excise duties are taxes imposed by governments on goods when they are imported, exported, or produced within the country. Customs duties are primarily on products brought into or sent out of a country, serving to protect local industries and generate revenue. Excise duties are specific taxes on certain goods like alcohol, tobacco, and fuel, often to discourage consumption or control use. These duties increase the cost of goods, influencing trade and consumption patterns, and help fund public services. They are a vital part of a country's fiscal and trade policies.