Duty (economics)

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In economics, a duty is a kind of tax levied by a state. 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.^[1] Properly, a duty differs from a tax in being levied on specific commodities, financial transactions, estates, etc. rather than on individuals. Duties may be import duties, excise duties, stamp duties, death or succession duties, etc.; but not such direct impositions as personal income taxes.

Customs duty[]

Estate duty[]

An estate duty (or inheritance tax) is a tax levied on the estate 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.^[2] Often, the rate of the duty is similar to a gift duty.

See also[]

• Tariff
• Free economic zone
• Free port
• Duty-free shop
• Smuggling
• Tax Evasion
• Likin (taxation), tax collected on transportation of goods in Qing China

References[]