Business Terms and Jargon Explained

What is Customs Duty

Tax Definition:-

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.

Crown Copyright. Material taken from HM Revenue & Customs. Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2006-11-24 15:51:27

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