You must complete Home Trade II: Wholesale Trade; Channels of Distribution to unlock this Lesson.
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.
You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
- NEW: Download the entire term's content in MS Word document format (1-year plan only)
- The complete lesson note and evaluation questions for this topic
- The complete lessons for the subject and class (First Term, Second Term & Third Term)
- Media-rich, interactive and gamified content
- End-of-lesson objective questions with detailed explanations to force mastery of content
- Simulated termly preparatory examination questions
- Discussion boards on all lessons and subjects
- Guaranteed learning
ClassHall Instructor
Halima Ahmadu