Duty Vs Tariff

Posted: 7 months ago

The word duty and tariff both different
forms of taxes which are imposed by government on goods which are imported from
some other country. The primary source of income for government is taxation
therefore government impose many forms of taxes either on their own citizen or
on citizen of other countries. So duty and tariffs are also taxes which are
levied by government on imported goods. Duty is nothing but the total money
collected under tariff is called as duty.

Duty and Tariff both terms it’s
about international trade, government of various countries get involve oneself
in the name of protection. Duty and tariff are part of government foreign
economic policy to protect the domestic industries from foreign competition.