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Safeguard Duty meaning

Regulations/Policies
Articles of Stone, Plaster, Asbestos, Mica, etc
From Nigeria
To Saudi Arabia
33 views / 0 experts
Jasmine G.
May 06, 2022

What is safeguard duty?

1 answer

Samuel J.
May 06, 2022

A safeguard duty is a tariff designed to provide protection to domestic goods, favoring them over imported items. If the government determines that increased imports of certain items are having a significantly detrimental effect on domestic competitors, it may opt to levy this duty on those imports to discourage their proliferation.

However, the duty does not apply to articles imported from developing countries.

The government may exempt imports of any article from this duty. The notification issued by the government in this regard is valid for four years, subject to further extension. However, the total period cannot exceed 10 years from the date of first imposition.

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