FOREIGN TRADE
CONTENT
- Tariffs and Reasons for the Imposition of Tariffs
- Tools for Trade Restriction and Export Promotion
- Documents Used in Foreign Trade
- Functions of the Customs and Excise Authority
- Functions of the Nigeria Export Promotion Council
- Functions of the Nigerian Airports Authority and
- Functions of the Nigeria Ports Authority
Tariffs and Reasons for the Imposition of Tariffs
Meaning of Tariff
Import tariff which is also called import duty, is the tax levied on goods imported into the country. The tax is expressed either as a percentage i.e. fraction of the value of an imported good or per unit of it. When expressed as a fraction of the value of goods, it is called an ad valorem import tax. Example, is an import duty of 10 percent of value of an imported car, so that import duty of ₦200,000 would be paid on a car costing ₦2 million. When expressed on per unit basis, it is called a specific duty.
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