Question

Section 89 of the customs tariff allows for duty to be deferred at the time of importation for imported goods that are ________.

Answer 1

Duty can be deferred at the time of importation for goods that are part of a value chain, aiding businesses in managing import-related costs.

Step-by-step explanation:

Section 89 of the customs tariff allows for duty to be deferred at the time of importation for imported goods that are part of a value chain. In essence, tariffs are taxes placed on imported goods, which many nations implement to generate revenue and protect domestic industries by increasing the cost of overseas products. The deferment of duty is a crucial component in the international trade process, providing flexibility for businesses in managing cash flow and costs associated with the importation of goods.