Explain the custom duties?

Custom duties are taxes imposed by a government on goods that are imported or exported. These duties are typically based on the value of the goods being imported or exported, and are intended to protect domestic industries, regulate trade, and generate revenue for the government.

Custom duties can vary widely depending on the country and the type of goods being imported or exported. They may be imposed as a percentage of the value of the goods, a specific amount per unit of weight or volume, or a combination of both.

Custom duties are typically collected by customs officials at ports of entry or exit, and failure to pay these duties can result in fines, penalties, or seizure of the goods. Importers and exporters are responsible for understanding and complying with the customs regulations of the countries they are trading with.