A tax charged on goods imported into the European Union ( EU). It is based on the value of the imported goods (see - Ad Valorem duty) and the description of the goods. Remember that imported goods may be liable to other charges, such as Anti-Dumping Duty ( ADD) or Common Agricultural Policy ( CAP) charges. They may also be liable to Excise Duty and VAT. HM Customs & Revenue Glossary
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customs duty UK US noun [C or U] TAX
► a tax paid on goods that are imported: »
The government is raising customs duties.
»Non-traditional exporters are exempt from customs duty and VAT on imports of machinery and equipment.
Financial and business terms. 2012.