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
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. Traditionally, 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
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
The price of a comm ...
,
financial transaction
A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A ...
s,
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
Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical revenu ...
,
estate duty, and
gift duty.
Customs duty
A customs duty or due is the
indirect tax
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST), excise, consumption tax, tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the i ...
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
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an es ...
) is a tax levied on the
estate
Estate or The Estate may refer to:
Law
* Estate (law), a term in common law for a person's property, entitlements and obligations
* Estates of the realm, a broad social category in the histories of certain countries.
** The Estates, representat ...
of a deceased person in many
jurisdictions or on the
inheritance of a person. The tax is sometimes referred to, formally or informally, as a ''death duty''.
UK National Archive, Looking for records of death duties 1796-1903
example of use of the term ''death duty'')
Gift duty
A gift tax on value given from one taxable entity to another.
See also
* Tariff
* Free economic zone
* Free port
* Duty-free shop
* 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 ...
* Tax Evasion
* Likin (taxation), tax collected on transportation of goods in Qing China
The Qing dynasty ( ), officially the Great Qing,, was a Manchu people, Manchu-led Dynasties in Chinese history, imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin (1616–1636), La ...
References
{{DEFAULTSORT:Duty (Economics)
Customs duties
Excises
Freight transport