What are the taxes called that are imposed on goods imported from other countries?

CIPS Managing Ethical Procurement and Supply Test is designed to enhance your understanding of ethical practices in procurement. Study with comprehensive questions and explanations. Prepare effectively for your exam!

The correct answer is the term commonly used for taxes that are imposed on goods imported from other countries is "Import duties." These are specific fees or taxes levied on goods as they cross international borders into a country. Import duties are typically calculated as a percentage of the value of the goods, and they are used by governments to control the volume of trade, protect domestic industries, and generate revenue.

While trade tariffs may also refer to taxes imposed on imports, the term is often broader and can encompass various forms of customs duties. Value-added taxes and sales taxes are levied on goods and services within a country and are not specifically related to imports. Thus, import duties are the most accurate term for taxes directly associated with imported goods.

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