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Duty (economics)
In economics, a duty is a target-specific form of tax levied by a state or other political entity. It is often associated with customs, in which context they are also known as tariffs or dues. The term is often used to describe a tax on certain items purchased abroad. A duty is levied on specific commodities, financial transactions, estates, etc. rather than being a direct imposition on individuals or corporations such income or property taxes. Examples include customs duty, excise duty, stamp duty, estate duty, and gift duty. Customs duty A customs duty or due is the indirect tax levied on the import or export of goods in international trade. In economics a duty is also a kind of consumption tax. A duty levied on goods being imported is referred to as an 'import duty', and one levied on exports an 'export duty'. Estate duty An estate duty (in the U.S. inheritance tax) is a tax levied on the estate of a deceased person in many jurisdictions or on the inheritance of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate (law)
An estate, in common law, is the net worth of a person at any point in time, alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.) Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only. The equivalent in civil law legal systems is patrimony. Bankruptcy Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on various ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customs Duties
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Qing Empire
The Qing dynasty ( ), officially the Great Qing,, was a Manchu-led imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin dynasty founded by the Jianzhou Jurchens, a Tungusic-speaking ethnic group who unified other Jurchen tribes to form a new "Manchu" ethnic identity. The dynasty was officially proclaimed in 1636 in Manchuria (modern-day Northeast China and Outer Manchuria). It seized control of Beijing in 1644, then later expanded its rule over the whole of China proper and Taiwan, and finally expanded into Inner Asia. The dynasty lasted until 1912 when it was overthrown in the Xinhai Revolution. In orthodox Chinese historiography, the Qing dynasty was preceded by the Ming dynasty and succeeded by the Republic of China. The multiethnic Qing dynasty lasted for almost three centuries and assembled the territorial base for modern China. It was the largest imperial dynasty in the history of China and in 1790 the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Likin (taxation)
The likin or lijin was a form of internal tariff in the Chinese Empire and Republic, which was first introduced as a means of financing the largely locally recruited armies to suppress the Taiping Rebellion. History The lijin tax was first introduced in 1853 by censor Lei Yixian in the area around Yangzhou as a way of raising funds in the campaigns against local rebels. As the central government was short of revenue, the imperial court sanctioned the tax and it quickly became an important source of funds for the campaign against the Taiping and Nian rebellions. The tax was levied on an ad valorem basis on goods in transit between provinces and on shops, with rates ranging from 2 to 10 per cent.Philip A. Kuhn. The creation of the treaty system in TWITCHETT / FAIRBANK The Cambridge History of China, Vol. 10 , Cambridge, 1978. Cf. Pg 289 After the Taipings were suppressed in 1864, the likin became a permanent feature of the Chinese tax system and it became an important source of revenu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Evasion
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance, as they desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smuggling
Smuggling is the illegal transportation of objects, substances, information or people, such as out of a house or buildings, into a prison, or across an international border, in violation of applicable laws or other regulations. There are various motivations to smuggle. These include the participation in illegal trade, such as in the drug trade, illegal weapons trade, prostitution, human trafficking, kidnapping, exotic wildlife trade, art theft, heists, chop shops, illegal immigration or illegal emigration, tax evasion, import/export restrictions, providing contraband to prison inmates, or the theft of the items being smuggled. Smuggling is a common theme in literature, from Bizet's opera ''Carmen'' to the James Bond spy books (and later films) '' Diamonds Are Forever'' and '' Goldfinger''. Etymology The verb ''smuggle'', from Low German ''smuggeln'' or Dutch ''smokkelen'' (="to transport (goods) illegally"), apparently a frequentative formation of a word meaning "to sneak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duty-free Shop
A duty-free shop (or store) is a retail outlet whose goods are exempt from the payment of certain local or national taxes and duties, on the requirement that the goods sold will be sold to travelers who will take them out of the country, who will then pay duties and taxes in their destination country (depending on its personal exemption limits and tariff regime). Which products can be sold duty-free vary by jurisdiction, as well as how they can be sold, and the process of calculating the duty or refunding the duty component. Tax Free World Association (TFWA) announced that in 2011 Asia-Pacific, with 35 percent of global duty-free and travel retail sales, has more duty free than Europe and Americas, with these regions accounting for 34 percent and 23 percent respectively. 31 percent of sales came from the fragrances and cosmetics category, followed by the wine and spirit category with 17 percent and then comes tobacco products. However, some countries impose duty on goods bro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Port
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones. Some special economic zones are called free ports. Sometimes they have historically been endowed with favorable customs regulations, such as the free port of Trieste. As the United Kingdom was proposing the creation of ten free ports after leaving the European Union in early 2020, the EU was clamping down on 82 free zones after finding that their special status had aided the financing of terrorism, money laundering and organised crime. Definition The def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Economic Zone
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones. Some special economic zones are called free ports. Sometimes they have historically been endowed with favorable customs regulations, such as the free port of Trieste. As the United Kingdom was proposing the creation of ten free ports after leaving the European Union in early 2020, the EU was clamping down on 82 free zones after finding that their special status had aided the financing of terrorism, money laundering and organised crime. Definition The de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gift Tax
In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be considered a gift. Items received upon the death of another are considered separately under the inheritance tax. Many gifts are not subject to taxation because of exemptions given in tax laws. The gift tax amount varies by jurisdiction, and international comparison of rates is complex and fluid. The process of transferring assets and wealth to the upcoming generations is known as estate planning. It involves planning for transfers at death or during life. One such instrument is the right to transfer assets to another person known as gift-giving, or with the goal of reducing one's taxable wealth when the donor still lives. For fulfilling the crit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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