Duty (tax)
Tax on certain goods and transactions / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Duty (tax)?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
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.[1]
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.