Tariff is basically a kind of tax. This duty is imposed on different goods when they are transported for selling purpose across another country. A Tariff is laid by a country in order to protect the domestic industry of that country.
It is a restrictive measure for regulating trade between different countries. There are many different types of Tariffs such as:
- Protective Tariff
- Prohibitive Tariff
- Revenue Tariff
- Specific Tariff
- Ad Valorem Tariff