✨A question emerged at one of our legal English courses:

What is the difference between Tax and Duty?

➡️Tax is a mandatory obligation payable to the government levied on income, wealth, services, sales etc.

➡️Duty is a fee charged by the government on manufacture and import / export of goods levied on goods and financial transactions.

Duty Tax on Imports and Exports: Meaning and Examples

➡️A duty is a tax levied on certain goods, services, or other transactions. Governments commonly impose customs duties and other taxes on imports and exports. Duties, which are a form of revenue, are enforceable by law and may be imposed on commodities or financial transactions instead of individuals. The term duty also refers to the responsibilities held by an individual, especially someone in a position of power.

➡️A duty is a form of taxation levied on certain goods, services, or other transactions that are imported and exported

➡️Duty rates are a percentage determined by the total value of the goods paid for in another country.

➡️Duties provide a form of commerce protection for jobs, the economy, the environment, and other interests by controlling the influx and outflow of merchandise.

➡️A duty may also be someone’s moral or fiduciary responsibility.

➡️Governments impose taxes on individuals and companies that make or receive shipments internationally. These levies must be paid before delivery can be made. These levies are called customs or import duties. These are tariffs or taxes imposed on goods transported across international borders.

➡️Customs duty rates are a percentage determined by the total value of the goods paid for in another country. The quality, size, or weight of the product are not determining factors.1 The Harmonized Tariff System of the United States is used domestically as a reference for applicable tariffs on merchandise imported to the country.2

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Check out our video for more: https://www.youtube.com/watch?v=KcjB5vBH4ec&t=3s

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