Any tax on imported goods called import duties.
What is tax?
A tax is a monetary payment that people make to the government in exchange for the services it provides. The tax is an additional sum that must be paid on goods and services that are lent and purchased. The tax is always percentage rate.
Due to various international trade agreements, items must be imported into other nations in order to pay import taxes because US borders are exempt. Government levies are known as import duties and must be paid on imported items.
Hence, the significance of the tax is aforementioned.
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