MANAGEMENT

Detailed explanation-1: -A tariff refers to the tax imposed by the government on imported goods from other countries. Tariff is imposed majorly to protect the domestic producers, but the government also imposes tariffs to reduce imports from other countries, thereby promoting the use of domestic products.

Detailed explanation-2: -What is Customs Duty. Definition: Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods.

Detailed explanation-3: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products. Different tariffs applied on different products by different countries.

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