What is the difference between import and export duties?

Import and export duties are taxes imposed on goods and services that are imported or exported across international boundaries. The purpose of such duties is to raise revenue, protect domestic industry from unfair foreign competition, and regulate international trade. Import duties are taxes levied on goods and services entering a specific country. They are also referred to as tariffs. Import duties are typically based on the value of the goods or services being imported. The amount of the duty is usually determined by the country of origin, and the type of goods or services being imported. Most countries impose import duties to protect domestic industries from foreign competition and to generate revenue. Export duties are taxes levied on goods and services leaving a specific country. The amount of the duty is usually based on the country of origin, the type of goods or services being exported, and other factors. Unlike import duties, export duties are rarely used to protect domestic industries from foreign competition. Instead, they are typically used to raise revenue and regulate the flow of goods and services out of a particular country. In summary, the primary difference between import and export duties is that import duties are used to protect domestic industries from foreign competition, while export duties are used to raise revenue and regulate the flow of goods and services out of a country. Both types of duties are usually determined by the country of origin, and the type of goods or services being traded.

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What is the difference between import and export duties?

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