Legal Definitions - import duty

Definition: A tax on the importation of a product.

Example: If a company in the United States imports shoes from China, they may have to pay an import duty to the U.S. government.

Explanation: Import duty is a tax that is imposed on products that are brought into a country from another country. The tax is usually a percentage of the value of the product. In the example given, the company importing shoes from China would have to pay a tax to the U.S. government based on the value of the shoes. This tax is meant to protect domestic industries and generate revenue for the government.