a charge on imported goods is known as duties kind of tax.
a charge on imported goods is known as duties kind of tax.
a charge on imported goods is known as what kind of tax?
duties
the selling price of imported goods is the sum of its cost, tariffs, freight, insurance and other charges including profits. the ipp is often used by sellers instead of the import price when the ipp is higher and provides a profit advantage to the seller. the price of imported goods or the ipp cannot be applied to locally produced goods of the same type whose local-production price is lower than the imported goods unless the quantity that is imported is vastly more than the quantity that is locally produced.
import parity price
in 2009, gtbank extended credit to innoson; under loan terms agreed to by chukwuma on behalf of innoson, proprietary interest in imported goods was exclusively that of the bank. the original shipping documents were in the bank's custody, and ownership could only be transferred to innoson (or any other third party) by the bank when the conditions of the agreement were fulfilled. chukwuma approached the bank on behalf of innoson for the documents, and was refused due to innoson's failure to meet the agreed conditions; however, the bank noticed in june 2011 that the imported goods had been procured by innoson without their consent. the bank’s endorsement of the bills of lading to the shipping line had been forged. gtbank reported the forgery to the nigeria police force, who began an investigation. after a forensic examination of the disputed signatures, the police established that the signatures of the bank’s staff were forged and the imported goods were fraudulently cleared from the nigerian ports authority.
innoson group vs gtbank fraud case