Effectiveness of Import Duty in Economic Growth of Tanzania
INTRODUCTION
Import duty is money paid for permission to import goods or service from another country. It is a tax added to the price of a product by the authorities of the importing country. Import duties are either fixed or calculated as a percentage of the product's value, which can change. Sometimes a government wants to protect certain domestic producers from foreign competition. One way of doing so is by imposing import duty, which makes foreign products more expensive, thus keeping the same domestic products more competitive. Sometimes governments impose duties when they wants to hurt another country by making its exports more expensive. This is usually done as a retaliatory measure in a trade war. A tax collected on imports and some exports by the customs authorities of a country. This tax is used to raise state revenue. It is based on the value of goods called ad valorem duty or the weight, dimensions, or other criteria of the item such as its size. Also referred to as customs duty, tariff, import tax and import tariff. Import duty is the application of a duty against goods and services from a foreign supplier. It is a tax on the value of imported goods, which raises their price to consumers. Governments introduce tariffs to protect certain industries from competitive imports. The positive effects of import tariffs are felt mainly by local producers of the same goods, while the negative effects can be felt by the entire population, because of reduced competition and the higher prices consumers have to pay. Each country has a list of countries and goods to which duty is charged. Almost all countries use the same tariff classification system, which defines and provides tariff codes for all kinds of goods. For U.S. importers, this information is provided by the International Trade Commission. Goods imported from countries which have a free trade agreement with the importing country will be duty-free or will have reduced duty, depending on how they
Import duty is money paid for permission to import goods or service from another country. It is a tax added to the price of a product by the authorities of the importing country. Import duties are either fixed or calculated as a percentage of the product's value, which can change. Sometimes a government wants to protect certain domestic producers from foreign competition. One way of doing so is by imposing import duty, which makes foreign products more expensive, thus keeping the same domestic products more competitive. Sometimes governments impose duties when they wants to hurt another country by making its exports more expensive. This is usually done as a retaliatory measure in a trade war. A tax collected on imports and some exports by the customs authorities of a country. This tax is used to raise state revenue. It is based on the value of goods called ad valorem duty or the weight, dimensions, or other criteria of the item such as its size. Also referred to as customs duty, tariff, import tax and import tariff. Import duty is the application of a duty against goods and services from a foreign supplier. It is a tax on the value of imported goods, which raises their price to consumers. Governments introduce tariffs to protect certain industries from competitive imports. The positive effects of import tariffs are felt mainly by local producers of the same goods, while the negative effects can be felt by the entire population, because of reduced competition and the higher prices consumers have to pay. Each country has a list of countries and goods to which duty is charged. Almost all countries use the same tariff classification system, which defines and provides tariff codes for all kinds of goods. For U.S. importers, this information is provided by the International Trade Commission. Goods imported from countries which have a free trade agreement with the importing country will be duty-free or will have reduced duty, depending on how they