This is a tax on imported goods and is usually designed to protect domestic production of similar goods.

Question

Cristopher Bruce

Law

30 March, 06:07

This is a tax on imported goods and is usually designed to protect domestic production of similar goods.

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Answers (2)

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Savion · Answer 1

Tariff tax

Explanation:

A tariff is usually considered as a type of tax that is imposed on the import/export businesses that takes place between the neighbouring states and countries. This tax is basically imposed on the international products and goods, and is usually paid by the importers at the definite borders. This collected tax is then utilized for the betterment and enhancement of the domestic industries that manufactures goods that are of similar types.

August · Answer 2

Tariff

Explanation:

Tariff is the tax imposed on the goods and services imported from another country. It is a type of regulation of foreign trade to safe guard the domestic industry. It is a source of income for the state.

In US they are paid by US registered firms to the US customs for the various goods they import to US. Importer pass the cost of tariff to the customers by raising the prices.