Duty (economics)
In economics, a duty is a kind of tax, often associated with customs, a payment due to the revenue of a state, levied by force of law. The term is often used to describe a tax on certain items purchased abroad. Properly, a duty differs from a tax in being levied on specific commodities, financial transactions, estates, etc., and not on individuals; thus it is right to talk of import duties, excise duties, death or succession duties, etc., but income tax levied on a person is not considered a duty.
Read more about Duty (economics): Customs Duty, Death Duty
Famous quotes containing the word duty:
“The abominable doctrine taught in the pulpit, the press, in books and elsewhere, is that the whole duty of women is self- abasement and self-sacrifice. I do not believe subjection is woman’s duty any more than it is the duty of a man to be under subjection to another man or many men. Women have the right of independence, of conscience, of will and of responsibility.”
—Anna Howard Shaw (1847–1919)