Customs Duty
In the maritime context, Customs Duty refers to the tax imposed on goods when they are transported across international borders. It is a kind of indirect tax that is levied by the government on the import and export of goods. The purpose of Customs Duty is to protect each country's economy, residents, jobs, and environment by controlling the flow of goods, especially restrictive and prohibited goods, into and out of the country. In the maritime industry, when goods are transported via sea routes, they must pass through customs upon arrival at their destination port. The ship's master or agent must declare the goods to the customs authority, providing detailed information such as the nature of the goods, their value, and their origin. The customs authority then calculates the duty to be paid based on this information and the country's tariff laws. Failure to correctly declare goods can result in penalties, seizure of the goods, or legal action.
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