A customs duty is a levy imposed on the importation of certain goods and on some goods manufactured from imported materials. It is also charged on some exports. Within the European Union, import duties between member states have been abolished and a Common External Tariff has been established.
A tax imposed on the sale, use, or lease of automobiles that do not meet specific fuel economy standards. It applies to vehicles that fail to meet the required fuel efficiency and extends to both imported and domestically produced vehicles.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.