Tax on Imported Goods

C

A tariff is a tax levied on goods imported into a country.

A tax levied on imported goods is called a tariff (Option C).

A tariff is a form of tax imposed on goods and services that are imported into a country. It is typically levied by the government to protect domestic industries, regulate trade, or generate revenue. Tariffs can be imposed on specific goods or on a broad range of products.

Here's a more detailed explanation of each of the answer choices:

A. Excise tax: An excise tax is a tax levied on the production or sale of specific goods, usually within a country. It is typically imposed on goods like alcohol, tobacco, gasoline, and other similar products, rather than on imported goods.

B. Foreign profits tax: A foreign profits tax, also known as a corporate tax or income tax, is a tax imposed on the profits earned by a company or individual in a foreign country. It is not directly related to imported goods, but rather to the income generated by foreign business operations.

C. Tariff: As mentioned earlier, a tariff is a tax imposed on imported goods. Its purpose can vary, including protecting domestic industries from foreign competition, controlling the flow of goods into the country, or raising revenue for the government.

D. Quota: A quota is a restriction imposed by a government on the quantity or value of certain goods that can be imported into a country. It sets a specific limit on the amount of goods that can enter the country, rather than imposing a tax. Quotas are often used to protect domestic industries by limiting foreign competition and controlling the supply of imported goods.

In summary, a tax levied on imported goods is referred to as a tariff (Option C).