Tariff

A government tax on imports (occasionally exports). Usually a percentage of the customs value, but can be specific (per kg, per unit) or compound (both).

Tariff and customs duty are often used interchangeably. Technically, a tariff is the schedule of rates; a duty is the money collected. In everyday use they mean the same thing.

Types: ad valorem (percentage of customs value — most common), specific (fixed amount per unit or weight, common on agriculture and alcohol), and compound (both — e.g. textiles).

Also searched: customs tariff · import tariff · tariff rate

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