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Tariff can be defined as a tax that is imposed on imported services and goods. They are utilized for restricting trades, since they are responsible for increasing the price of imported services and goods, which makes it more expensive for the consumers. Imposing of special tariff is done in the form of a fixed fee, depending on the kind of item. On the other hand, imposing of ad valorem tariff is done depending on the value of the concerned item.
Tariffs generate extra revenue for the domestic producers and governments at the expense of foreign producers and consumers. They are amongst the many tools available for shaping trade policy. Understanding this basic definition of tariff is a must for your tariffs and subsidies assignment answers. If you don’t understand it, you will have trouble with most of your assignments on the topic.
Subsidy may be defined as a transfer of money to an entity from the government. It results in the fall of price of the product that is subsidised. Government usually incorporates subsidy for bolstering the society welfare. Although it is generally extended from the government, subsidy can be termed for any kind of support, from NGOs for instance.
Reasons for tariff implementation
Types of subsidies
You may be required to write about the different types of subsidies in your tariffs and subsidies assignment answers. They include:
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