Duty (economics)

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In economics, a duty is a kind of tax, often associated with customs, levied by a state. 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., and not on individuals. Duties may be import duties, excise duties, stamp duties, death or succession duties, etc.; but income tax levied on a person is not considered a duty.

Customs duty[edit]

Main article: Tariff

Estate duty[edit]

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[edit]

References[edit]

  1. ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 450. ISBN 0-13-063085-3. 
  2. ^ UK National Archive, Looking for records of death duties 1796-1903(example of use of the term death duty)

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