Import Tariffs & Fees Overview. Thailand maintains the same list of tariff-rate-quota (TRQ) from its commitments under WTO agreement on agriculture since 2004. Global Tariff Finder Tool: Customs Info User Guide (and video) FTA Tariff Tool A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products. Thailand imposes domestic purchase requirements for several tariff-rate quota products, including nonfat dry milk, soybeans, soybean meal, and fresh potatoes. This additional market access will be administered by the creation of 20 new tariff rate quotas (TRQs). Tariff-Rate Quotas An Economic Definition A tariff quota is a two-tiered tariff. Amid sliding prices of maize in the wake of the Covid-19 lockdown, the Centre has notified norms for import of 5 lakh tonnes of maize under Tariff Rate Quota Scheme during the current financial year at a concessional customs duty of 15 per cent.. At present, maize attracts 50 per cent import duty. The following is a summary of the agricultural goods included on the Import Control List that are subject to tariff rate quotas (TRQs), including the import control number, associated general descriptions, and tariff item numbers as provided in the List of Tariff Provisions, set out in the Schedule to the Customs Tariff. The “symmetry theorem” proposed by economist Abba Lerner in 1936, and since confirmed by many empirical studies, shows that import tariffs tend to be negated by foreign currency exchange rate rises. The terms “tariff quota” and “tariff-rate quota” are employed interchangeably in the Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada will grant new access to imports for various goods in the dairy, poultry and egg sectors. In a given period, a lower in-quota tariff (t) is applied to the first Q units of imports and a higher over-quota tariff (T) is applied to all subsequent imports. However, they do not outrightly influence the domestic business operations. The tariff is a tax on imports while quota is a sort of quantity limit set on imports. With the increase in the tariff rate on a commodity, import of that commodity tends to decline. The Relationship Between Trade Tariffs and Foreign Currency Exchange Rates . As both are the methods used by the government to reduce imports and encourage exports, it is hard to elaborate the difference between tariff and quota. Different tariffs applied on different products by different countries. The United Kingdom (UK) withdrew from the European Union (EU) on 1 February 2020. The government revenue increases with an increase in tariff as it is a direct source of revenue for the government and hence an increase in GDP. 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