Import Duty (Noun)
Meaning
A duty imposed on imports.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The government imposed a high import duty on luxury goods to reduce their sales and encourage local production.
- The import duty on electronics was lowered to make it more affordable for the general public to purchase them.
- Exporters often complain about the high import duty imposed by other countries on their goods, which makes them less competitive.
- The company had to pay a significant amount of import duty on the shipment of machinery it received from abroad.
- The country imposed an additional import duty on certain products from countries with which it had a trade dispute.