TOPIC:- Importance of Tariff

NAME:-RATHIJIT SINHA
ROLL NO.:-18701619066
ELECTRICAL ENGINEERING
4th YEAR 7th SEM
  DEFINITION
&
FUNCTION OF TARIFF

CONTENTS
 REASON
&
PURPOSE OF TARIFF
DEFINITION OF TARIFF:-
A tariff is a tax imposed on the import or export of goods. In general parlance,
however, it refers to “import duties” charged at the time goods are imported.

FUNCTIONS OF TARIFF:-
Tariffs have three primary functions:
1. To serve as a source of revenue
2. To protect domestic industries
3. To remedy trade distortions (punitive function).
The revenue function comes from the fact that the income from tariffs provides
governments with a source of funding.
MAIN FOUR REASONS OF TARIFF:-
Tariffs are generally imposed for one of four reasons:
 To protect newly established domestic industries from foreign competition.
 To protect aging and inefficient domestic industries from foreign competition.
 To protect domestic producers from "dumping" by foreign companies or governments.
 To raise revenue.

PURPOSE OF TARIFF:-
Tariffs are a way for governments to not only collect revenue but also protect domestic
businesses. Tariffs increase the price of imported goods, making domestic goods
cheaper in comparison.
THANK YOU!