What is the difference between duties and taxes?
An example of an AI chatbot conversation about duties and taxes differences.
Can you explain the difference between duties and taxes?
Sure! Duties are specific fees imposed on goods imported or exported, while taxes are broader charges levied by governments on income, sales, or property.
Are duties only applicable to international trade?
Yes, duties primarily apply to goods crossing international borders, whereas taxes can apply to various transactions within a country.
How are duties calculated?
Duties are usually calculated based on the value of the goods, their classification, and the country of origin.
Can you give me an example of a duty?
Certainly! For instance, if you import electronics from another country, you might pay a customs duty based on the value of those electronics.
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