ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Russia imposes a 5% tax on imported cars.
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embargo
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quota
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tariff
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None of the above
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Explanation:
Detailed explanation-1: -Presently, India imposes a 100% customs tax on imported cars with Cost, Insurance and Freight (CIF) value exceeding USD 40, 000. For vehicles with CIF below USD 40, 000, you will be charged 60% import duty. Import tax on cars in India for used vehicles is 125%.
Detailed explanation-2: -In Russia, import duty applies to the majority of goods and varies as an average between 5% and 20% of the customs value of goods, but might even reach 45% in extreme cases.
Detailed explanation-3: -An ad valorem tariff is a tariff levied as a certain percentage of a good’s value (e.g., 10% of the value of an imported car).
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