Customs and other import duties (% of tax revenue)
Countries By Customs and other import duties (% of tax revenue)
Key points
- Customs and other import duties are an essential source of revenue for many countries, representing a percentage of their tax revenue.
- The wide range of values, from a minimum of -0.009% in Latvia to a maximum of 65.24% in Somalia, reflects the diverse approaches countries take towards import duties.
- High values of this statistic, such as in Somalia and State of Palestine, may indicate heavy reliance on import tariffs for revenue generation.
- Countries with low or negative values, like Latvia, may have alternative revenue sources or trade agreements that minimize the need for high import duties.
- The average value of 9.01% suggests that, on average, around 9% of tax revenue among the listed countries is derived from customs and import duties.
Official Definition of Customs and other import duties (% of tax revenue)
Customs and other import duties are all levies collected on goods that are entering the country or services delivered by nonresidents to residents. They include levies imposed for revenue or protection purposes and determined on a specific or ad valorem basis as long as they are restricted to imported goods or services.
Importance
Countries rely on Customs and other import duties as a significant revenue source. When the percentage of Customs and other import duties is low, it could indicate a heavy reliance on other forms of taxation or revenue generation. This might lead to budget deficits or the need to borrow more, impacting the overall fiscal health of the country. On the other hand, when the percentage of Customs and other import duties is high, it could suggest a heavy reliance on tariffs for revenue generation. While this may boost government coffers in the short term, it could also lead to higher prices for imported goods, affecting consumers and potentially sparking trade disputes with other countries. Thus, the level of Customs and other import duties (% of tax revenue) is a crucial indicator of a country's fiscal health, its trade policies, and its overall economic stability.
Top 10 Countries by Customs and other import duties (% of tax revenue)
Bottom 10 Countries by Customs and other import duties (% of tax revenue)
Regions
Europe
Customs and other import duties (% of tax revenue) vary significantly among the listed countries. Belarus has the highest percentage at 8.65%, followed by Russia at 6.23%, indicating a heavier reliance on import duties for revenue generation. In contrast, countries like Bosnia and Herzegovina and Slovakia have negligible figures, suggesting a lesser emphasis on such tariffs. High import duties can protect domestic industries but may also deter foreign investment. Conversely, low rates can boost trade but might reduce government revenue. This statistic reflects each country's trade policies and economic priorities, influencing their developmental paths and international competitiveness accordingly.
Far East: East Asia, SE Asia, Australia
Customs and other import duties as a percentage of tax revenue vary among the listed countries, with the Philippines having the highest rate at 21.47% and Malaysia the lowest at 1.52%. This statistic reflects each country's reliance on import duties for revenue generation and protectionist measures. Higher rates, like in Cambodia and the Philippines, indicate a significant dependency on import tariffs, potentially discouraging foreign investment. Conversely, lower rates, such as in Malaysia and Indonesia, may attract more international trade but could also lead to revenue shortfall. The impact of this statistic on a country's development includes shaping trade policies, influencing government revenues, and affecting global competitiveness.
ASEAN
Customs and other import duties as a percentage of tax revenue vary among the selected countries. Philippines has the highest value at 21.47%, indicating a significant reliance on import duties for revenue generation. Cambodia follows at 11.48%, suggesting a noteworthy contribution from import duties as well. Thailand stands at 3.71%, Indonesia at 2.48%, and Malaysia at 1.52%, showing lower dependence on import duties for tax revenue. While high percentages can boost government income, they may also deter foreign investment. Lower percentages can attract investors but might strain the budget. The impact of this statistic on development includes influencing trade competitiveness, government revenue stability, and investment attractiveness, with each country facing trade-offs in balancing these aspects.
Latin America
Customs and other import duties (% of tax revenue) vary among the selected countries, with Paraguay having the highest percentage at 8.76% and Chile the lowest at 0.82%. This statistic reflects each country's reliance on import duties for tax revenue, with Ecuador and Argentina also having relatively high percentages at 7.61% and 6.43%, respectively. Countries with higher percentages like Paraguay may benefit from a more stable revenue stream but risk increased costs for imported goods, potentially impacting affordability for citizens. On the other hand, countries with lower percentages like Chile may have a more competitive import landscape but could face challenges in generating tax revenue. The impact of this statistic on economic development can be significant, shaping trade policies and government revenues differently for each country.
Middle East
Customs and other import duties as a percentage of tax revenue vary among the selected countries. The State of Palestine relies heavily on import duties, with a high percentage of 40.56%, indicating a significant revenue source but potentially hindering trade and economic growth. In contrast, the United Arab Emirates has a notably low percentage of 0.01%, showing a minimal reliance on such duties but potentially impacting domestic industries' competitiveness. Countries like Georgia and Israel strike a balance with moderate percentages, indicating a stable revenue stream without deterring international trade. Overall, the data reflects each country's unique approach to trade policy, influencing their economic development and global competitiveness.
Rivals
Anglosphere v BRICS
Australia, Brazil, China, New Zealand, Russia, South Africa, and the United States all have varying levels of Customs and other import duties as a percentage of tax revenue. Russia has the highest percentage at 6.23%, indicating a relatively higher dependency on import duties for revenue. Brazil follows closely behind at 4.72%, reflecting a similar reliance. On the other hand, Australia, China, New Zealand, South Africa, and the United States have lower percentages, suggesting a more diversified tax revenue base. While higher import duties can protect domestic industries, they may also lead to higher consumer prices and trade disputes. Lower percentages indicate a more competitive market but could result in revenue shortfalls or increased reliance on other forms of taxation, potentially affecting economic development differently in each country.
Russia v Ukraine
The Customs and other import duties (% of tax revenue) for the Russian Federation stand at 6.23%, while for Ukraine it is lower at 3.74%. This indicates that the Russian Federation relies more on import duties as a source of tax revenue compared to Ukraine. The advantage for Russia is a more diversified revenue stream, but this could also make them vulnerable to fluctuations in international trade. On the other hand, Ukraine's lower reliance on import duties may signal a more open trade policy, encouraging foreign investment. However, it could also indicate potential revenue loss. This statistic influences the economic development of both countries, impacting government finances and trade competitiveness.
FAQs
- Which country has the most Customs and other import duties (% of tax revenue)?
Somalia has the highest percentage of Customs and other import duties relative to tax revenue, with a value of 65.24%. - Which country has the least Customs and other import duties (% of tax revenue)?
Latvia has the lowest percentage of Customs and other import duties relative to tax revenue, with a negative value of -0.0092%. - What is the average Customs and other import duties (% of tax revenue) among the listed
countries?
The average percentage of Customs and other import duties relative to tax revenue among the listed countries is 9.01%. - How are Customs and other import duties calculated?
Customs and other import duties are levies collected on goods entering a country or services delivered by nonresidents to residents. They include levies imposed for revenue or protection purposes and are determined on a specific or ad valorem basis as long as they are restricted to imported goods or services. - What is the purpose of levying Customs and other import duties?
Customs and other import duties are levied to either generate revenue for the government or protect domestic industries from foreign competition. They can be imposed based on specific amounts or a percentage of the imported goods' value.