Role of Customs and Excise in Foreign Trade - JSS2 Business studies Lesson Note

Customs and excise play a vital role in regulating and facilitating foreign trade:

Customs: Customs authorities enforce regulations regarding the import and export of goods, including tariffs, duties, and trade agreements. They also ensure compliance with security measures and regulations to prevent illegal trade practices.

Excise: Excise duties are imposed on specific goods produced domestically or imported, such as alcohol, tobacco, and fuel. These duties generate revenue for the government and can also serve as a form of trade barrier or protection for domestic industries.