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Home > QFINANCE Dictionary > Definition of back duty

Definition of

back duty

Tax

tax unpaid because information was withheld tax relating to a past period that has not been paid because of the taxpayer's failure to disclose relevant information through negligence or fraud. If back duty is found to be payable, the relevant authorities may instigate an investigation and penalties or interest may be charged on the amount.

Definitions of ’back duty’ and meaning of ’back duty’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’back duty’ and other financial terms with our online QFINANCE Financial Dictionary.

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