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A customs duty or due is the indirect tax 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'.
Besides taxes on land and taxes on personal property, this period saw the introduction of taxes on trade. In 1202, King John imposed a custom duty of a fifteenth of the value of all goods imported or exported. It appears, however, that these duties were discontinued in 1206. [15]
Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays. Double taxation is when a tax is paid twice on the same income or item. Indirect tax is a tax collected by an intermediary (such as a store) on behalf of the person who actually is required to pay (such as a customer)
In 1805, duty is charged on legacies charged upon or made payable out of any real estate, or out of any moneys to arise from the sale of real estate. In 1815, duty was expanded to include the devolution of personal estate under a partial or total intestacy. In 1823, it was held that the forgiveness of debt due to a testator constituted a legacy ...
Duty-free shop, retail outlets that are exempt from the payment of certain local or national taxes and duties; Stamp duty, a form of tax on documents; Succession duty, an inheritance tax levied in the English fiscal system; Vehicle Excise Duty, an excise duty on a vehicle in the United Kingdom, known as road tax or tax disc; Duty § Duties of ...
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The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions.