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Tariff

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Tariff
A taxation levied on goods and services imported into a country. Also known as a duty Tax.
    
A tariff is a Tax on goods upon importation. Governments generally impose tariffs to raise revenue and protect domestic industries from foreign competition caused by factors like government subsidies, or lower priced goods and services. When a ship arrives in port a customs officer inspects the contents and charges a Tax according to the tariff formula. Since the goods cannot be landed until the Tax is paid, it is the easiest Tax to collect, and the cost of collection is small. Traders seeking to evade tariffs are known as smugglers .
    
The distinction between protective and revenue tariffs is that protective tariffs in addition to protecting Local producers also raise revenue; revenue tariffs produce revenue but they also Offer some protection to Local businesses.
Posted by  Privatebanking.com
 
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