What is tariff?
Posted On: Sep 23, 2020
Tariff term is described for the tax imposed on the products imported from the foreign countries to make it costly. As a result, the products cost increase and become less desirable or less competitive versus domestic goods and services. The cause of implanting Tariff is to restrict the trade from specific foreign countries or minimize the importation of a particular good.
There are two types of tariff imposed by Government: -
- Specific Tariff
- Ad-valorem Tariff
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