Taxes on imported foreign goods are also known as

Assessment: WAEC SSCE - Commerce - 2011 (Objective) Subject: Commerce

Question 1 Report

Taxes on imported foreign goods are also known as

Answer Details
Taxes on imported foreign goods are known as "tariffs." Tariffs are taxes imposed by a government on imported goods, making them more expensive to purchase and, therefore, less attractive to buyers. Tariffs can be specific, meaning a fixed charge per unit of the imported item, or ad valorem, meaning a percentage of the item's value. Tariffs can be used by governments to raise revenue, protect domestic industries, or regulate trade.
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