customs duty


customs duty
A tax charged on goods imported into the European Union ( EU). It is based on the value of the imported goods (see - Ad Valorem duty) and the description of the goods. Remember that imported goods may be liable to other charges, such as Anti-Dumping Duty ( ADD) or Common Agricultural Policy ( CAP) charges. They may also be liable to Excise Duty and VAT. HM Customs & Revenue Glossary

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customs duty customs duty duty

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customs duty UK US noun [C or U] TAX
a tax paid on goods that are imported: »

The government is raising customs duties.

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Non-traditional exporters are exempt from customs duty and VAT on imports of machinery and equipment.


Financial and business terms. 2012.

Look at other dictionaries:

  • customs duty — noun money collected under a tariff • Syn: ↑customs, ↑custom, ↑impost • Hypernyms: ↑duty, ↑tariff • Hyponyms: ↑ship money …   Useful english dictionary

  • customs duty — A levy on the importation of certain goods and on some goods manufactured from the imported goods. Customs duties are also charged on some exports …   Accounting dictionary

  • customs duty — /ˈkʌstəmz djuti/ (say kustuhmz dyoohtee) noun a duty imposed by law on imported or, less commonly, exported goods …   Australian English dictionary

  • customs duty — government tax paid by an importer on items brought in from a foreign country …   English contemporary dictionary

  • customs duty — A form of *taxation levied on the importation or *exportation of goods or services …   Auditor's dictionary

  • customs duty — / kʌstəmz ˌdju:ti/ noun a tax on goods imported into a country …   Dictionary of banking and finance

  • Customs — Cus‧toms [ˈkʌstəmz] also customs noun [uncountable] ORGANIZATIONS 1. the government department responsible for collecting the tax on goods that have been brought into the country and making sure that illegal goods are not imported or exported: •… …   Financial and business terms

  • Customs and Excise — refers to customs duty and excise duty. In certain countries, the national tax authorities that are responsible for collecting those duties are named Customs and Excise, including: HM Customs and Excise, a department of the British government… …   Wikipedia

  • customs tariff — ➔ tariff * * * customs tariff UK US noun [C] TAX ► a tax paid on goods imported into a country: »lower/reduce customs tariffs »Barriers to trade were abolished and a common customs tariff was set up. → See also CUSTOMS DUTY( …   Financial and business terms

  • customs — n. pl. 1. money collected under a tariff; a duty imposed on imported goods. Syn: customs duty, custom, impost. [WordNet 1.5] 2. the government department administering the collection of import tariffs. Used with as singular verb. [PJC] 3. that… …   The Collaborative International Dictionary of English