Export Duties

Welcome to today’s class!!

We are thrilled to have you in our class!!

In today’s Store Management class, we will be learning about Export Duties 

Export Duties 

export duties

Export duties means Customs duties and other charges having an effect equivalent to customs duties payable on the exportation of goods;

First, the term “duty” refers to a form of taxation levied on certain goods, services, or other transactions. People and corporations may be required to pay levies on imports and exports by governments in the form of customs duties and other taxes. This is done in order to collect revenue and to satisfy other economic reasons. Duties are enforceable by law and may be imposed on commodities or financial transactions instead of individuals.

The term also refers to the responsibilities held by an individual, especially someone in a position of power.

Things To Know About Duties:

  • A duty is a form of taxation levied on certain goods, services, or other transactions that are imported and exported.
  • Duty rates are a percentage determined by the total value of the goods paid for in another country. 
  • Duties provide a form of commerce protection for jobs, the economy, the environment, and other interests by controlling the influx and outflow of merchandise. 
  • A duty may also be someone’s moral or fiduciary responsibility.

The intent of this form of duty is to provide a form of commerce protection for each country’s jobs, economy, environment, and other interests by controlling the influx and outflow of merchandise. Duties may be imposed on restrictive and prohibited goods that are shipped in and out of a country. The imposition and collection of duties also help contribute to a nation’s revenue pool.

The term “duty” may also refer to any responsibilities—whether moral or otherwise—held by an individual. These are obligations that a person—especially someone in a position of authority—has to fulfill the responsibilities of their position.

 

Evaluation

Highlight the difference between Duty and Excise Duty

 

Reading Assignment

Explain what you understand by Excise Duty

 

Weekend Assignment

Explain how Duties are enforced. 

 

We hope you enjoyed today’s class. In our next class, we will be talking about Sales Tax.

Let us know your thoughts and questions in the comment section, and we will attend to them as fast as we can.

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