Duty


Duty
1. A tax levied on certain goods, services or transactions. Duties are enforceable by law and are imposed on commodities or financial transactions, instead of individuals.

2. The obligation of a person in authority, such as a fiduciary, to fulfill the responsibilities of his or her position.

1. Duties may be revoked in certain situations, such as an airport's duty-free shop. At a duty-free shop, commodities that are usually taxed, like cigarettes and alcohol, will not have a duty levied on them. Foreign visitors will then be able to purchase the goods at a lower price compared to domestic citizens.

2. The chief executive officer of a company has a fiduciary duty to the company's shareholders. This means that any course of action the CEO takes should be in the best interested of the shareholders.


Investment dictionary. . 2012.

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  • duty — du·ty n pl du·ties [Anglo French deuté indebtedness, obligation, from deu owing, due, from Old French see due] 1: tasks, service, or functions that arise from one s position performing a police officer s duties; also: a period of being on duty… …   Law dictionary

  • Duty — • The definition of the term duty given by lexicographers is: something that is due , obligatory service ; something that one is bound to perform or to avoid Catholic Encyclopedia. Kevin Knight. 2006. Duty     Duty …   Catholic encyclopedia

  • Duty — Du ty, n.; pl. {Duties}. [From {Due}.] 1. That which is due; payment. [Obs. as signifying a material thing.] [1913 Webster] When thou receivest money for thy labor or ware, thou receivest thy duty. Tyndale. [1913 Webster] 2. That which a person… …   The Collaborative International Dictionary of English

  • DUTY — DUTY, an action that one is obligated to perform; a feeling, or sense, of obligation. In Judaism man s duties are determined by God s commandments. The entire biblical and rabbinic conception of man s role in the world is subsumed under the… …   Encyclopedia of Judaism

  • duty — [do͞ot′ē, dyo͞ot′ē] n. pl. duties [ME duete < Anglo Fr dueté, what is due (owing): see DUE & TY1] 1. the obedience or respect that one should show toward one s parents, older people, etc. 2. conduct based on moral or legal obligation, or a… …   English World dictionary

  • Duty — Saltar a navegación, búsqueda Duty Álbum de estudio de Ayumi Hamasaki Publicación …   Wikipedia Español

  • Duty — Album par Ayumi Hamasaki Sortie 27 septembre 2000 Durée 51:45 Genre …   Wikipédia en Français

  • duty — [n1] responsibility, assignment burden, business, calling, charge, chore, commission, commitment, committal, contract, devoir, dues, engagement, function, hook*, job, load, millstone*, minding the store*, mission, must, need, obligation,… …   New thesaurus

  • duty — ► NOUN (pl. duties) 1) a moral or legal obligation. 2) a task required as part of one s job. 3) a payment levied on the import, export, manufacture, or sale of goods. 4) Brit. a payment levied on the transfer of property, for licences, and for… …   English terms dictionary

  • duty — late 13c., from Anglo Fr. duete, from O.Fr. deu due, owed; proper, just, from V.L. *debutus, from L. debitus, pp. of debere to owe (see DEBT (Cf. debt)). Related: Duties. The sense of tax or fee on imports, exports, etc. is from late 15c.; duty… …   Etymology dictionary

  • duty — 1 Obligation Analogous words: responsibility, accountability, amenability, answerability, liability (see corresponding adjectives at RESPONSIBLE) 2 office, *function, province Analogous words: concern, business, *affair 3 *task …   New Dictionary of Synonyms


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