GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the tax or duty on imports called?
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Tariff
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Quota
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Export
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All of these
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -Tariffs are taxes imposed on the imports by a country for providing protection to its domestic industries.
Detailed explanation-3: -The English term tariff derives from the French: tarif, lit. ‘set price’ which is itself a descendant of the Italian: tariffa, lit. ‘mandated price; schedule of taxes and customs’ which derives from Medieval Latin: tariffe, lit. ‘set price’.
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