Customs Duty

Customs duty is a tax imposed by a government on goods imported or exported across its borders. When products are brought into a country, customs duty is calculated based on their value and type. This tax helps protect domestic industries by making foreign goods more expensive, and it generates revenue for the government. Customs duties can vary widely depending on the item, with some goods potentially being exempt. Importers must pay these duties to clear their goods through customs and ensure compliance with trade regulations.