Definitions from the Web
Import Duty
Definition: Import duty refers to the tax or tariff imposed on goods imported into a country, usually by the government, as a way to protect domestic industries, regulate trade, or generate revenue.
Example Sentences:
- The import duty on luxury cars has significantly increased this year.
- Before finalizing your purchase, consider the import duty that might be levied on the imported goods.
- The government announced a reduction in import duties on electronic devices to encourage more foreign investments.
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