UK Accounting Glossary
In international trade, a customs duty, or tariff, is a tax on the import or export of specific goods. An import duty designed to shield domestic industry from foreign competition is called a protective duty, or protective tariff. In contrast, a revenue duty is simply designed to raise government revenue. Every duty is a trade barrier, and some economic theories state that the result of all trade barriers is a general lessening of aggregate economic welfare. The World Trade Organization was founded in 1994 with a mission of reducing all trade barriers, including the import duty. In law, fiduciary duty refers to standards of conduct above and beyond normal arms-length business conduct in dimensions such as loyalty, care, and disclosure. Fiduciary duty is important in multiple areas of law including agency, trust, and corporate governance.
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This glossary post was last updated: 9th February 2020.