The government of a country imposes relatively insignificant taxes (import tariffs) that business professionals must pay for products that are manufactured abroad and imported into the country.
And of course, these taxes are based on what kind of goods is imported and from which country, while adhering to national laws. This is pretty similar to the way local manufacturers and consumers normally pay taxes when buying and selling goods.
Yet, in reality, several countries rather use these import tariffs to protect specific domestic industries, make more money, and keep state-operated monopolies protected.
Venezuela
11.8 percent Import Tariff
In Venezuela, a runaway socialist regime has successfully taken over the power regardless of international pressure on the country. As a result, the debilitating regulations that came with it have had an impact on nearly all sector of the national market, including imports.
Ethiopia
13 percent Import Tariff
In an attempt to secure readily and consistently available funds, the oppressive regime in Ethiopia decided to impose colossal import tariffs on all goods.
India
13 percent Import Tariff
The Indian government has long attempted to improve the local market, as well as wages, to offset the labor excess, given that this country has the 2nd largest population in the world. And one way the country’s government officials have done so is imposing import tariffs.
Gabon
13.4 percent Import Tariff
Gabon is a relatively stable Central African nation that’s oil-rich and has one of the world’s largest general import tariffs, which sort of make it up to the country’s tight economy and longtime financial dependence on France. It should be noted that Gabon got its independence from France back in 1960.
Bangladesh
13.5 percent Import Tariff
The government officials in Bangladesh have decided to establish a significant import tariff in order to protect the national market from neighboring cheap labor, which refers to the bordering India and Myanmar.
Egypt
13.6 percent Import Tariff
Egypt is another country that’s unlucky neighbored by cheap labor, even more than Bangladesh. This means that the duty-free imports that are allowed into the country would undercut Egyptian manufactures as a result.
Sierra Leone
13.8 percent Import Tariff
Sierra Leone is a country that suffers from poverty, as well as consistently unaccountable leaders. This nation has established a huge import tariff that reaches a whopping 13.8 percent. Actually, the main reason behind this is to fund the current regime, while other tax revenue simply doesn’t exist.
Barbados
14.2 percent Import Tariff
Barbados has a strong tourism industry that’s worth boasting about. So the country’s government decided to establish an immense import tariff in an attempt to encourage investments and capitalize on this economic sphere.
Chad
14.3 percent Import Tariff
Chad is known for its high level of corruption, it’s actually among the top countries in Africa and even the entire world. This nation established the enormous import tariff of 14.3 percent to draw funds to the government, which is often-opposed!
Zimbabwe
14.6 percent Import Tariff
This country’s government is also deeply corrupt, just like many African countries on this list. The import tariff of Zimbabwe that is as massive as 14.6 percent is actually established to fund these unwanted regimes and increase their power.
Pakistan
16.6 percent Import Tariff
Pakistan’s gigantic import tariff of 16.5 is probably related to its proximity to some of the dominant exporters, such as China, Vietnam, and India.
Nepal
16.8 percent Import Tariff
This country’s government is committed to protecting domestic industry, but that’s not the only reason why Nepal has such a gigantic import tariff. There’s also the fact that despite this tariff, international rates are still considerable.
Sri Lanka
17.6 percent Import Tariff
This country is a special case because its markets have incredibly high chances of being showered with Indian products if it’s wasn’t for this large import tariff rate, given the fact that it’s located off the coast of India.
Bhutan
22.7 percent Import Tariff
Bhutan’s main concern is the development of its local markets, just like several other Asian nations. Plus, thanks to the immense import tariff that this country’s economy is not dominated by the mega-affordable goods of Vietnam, China, and India.
Iran
28 percent Import Tariff!
A fundamental, dictatorial government has been leading Iran ever since the 1979 Iranian Revolution. Thanks to this unbelievable import tariff, which is the world’s largest, the Iranian government is getting a fat amount of its liquid capital.