Tariff can be defined as a compulsory levy on

JAMB Commerce 2024 125 views
Source: JAMB · 2024

Tariff can be defined as a compulsory levy on

  1. foreign exchange earnings
  2. foreigners working in Nigeria
  3. imported goods only ✓
  4. import and export
Explanation

Tariffs are taxes on imported goods. They make foreign products more expensive.

This protects local producers from cheaper foreign competition.

Tariffs only apply to imports coming into the country, not exports going out.

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