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customs
(redirected from Custom duties)

   Also found in: Encyclopedia, Wikipedia 0.03 sec.
See: protocol

CUSTOMS. This term is usually applied to those taxes which are payable upon goods and merchandise imported or exported. Story, Const. Sec. 949; Bac. Ab. Smuggling.



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Kumar in part credits the relaxation of custom duties for the increase in trade with India, "In a move aimed at facilitating imports into the country, customs will allow import consignments to go through on the basis of self-assessment under the Electronic Data Interchange (EDI) systems in the very near future," Kumar says.
Foreign trade zones are used as incentives to attract businesses by reducing or eliminating custom duties on imported parts the businesses can then assemble into a finished product.
Complicating the tax issue further is the fact that custom duties and income taxes move in opposite directions.
 
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