Importing and exporting goods and services is a way to expand business and compete in the global market. According to Business.Gov, companies that do business internationally grow faster than companies that do not. Import and export taxes are a part of doing business internationally.
- An import tax is also known as an import tariff or import duty. It is a governmental tax on the value of a product that is imported into a country.
- Import taxes are assessed and collected by U.S. customs each time a good is imported into the country.
- The criteria for assessing the amount an imported good is taxed, takes into consideration the exporting country, the type of good being exported, and the intended use of the good.
- Import taxes, especially when they are combined with state and other taxes, raise the price of the product being taxed, potentially making the imported product look less attractive than a competing product in the importing country. This is sometimes done politically, to give domestic producers an edge.
- Import taxes are the second largest source of revenue for the United States. Federal income taxes collected by the Internal Revenue Service are the first.
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