ENTREPRENEURSHIP

Detailed explanation-1: -Import duty is a tax collected on imports and some exports by a country’s customs authorities. A good’s value will usually dictate the import duty. Depending on the context, import duty may also be known as a customs duty, tariff, import tax or import tariff.

Detailed explanation-2: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.

Detailed explanation-3: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country.

Detailed explanation-4: -The correct answer is Custom duty. The tax imposed on the import and export of commodities is called Custom duty. This is a form of foreign trade control and a policy that taxes foreign goods to encourage or protect domestic industry.

Detailed explanation-5: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.