back duty

back duty
An amount of tax that should have been paid in previous years but was not assessed because the taxpayer failed to disclose full income details to the Inland Revenue. A back duty case may arise when a source of income has been omitted totally from a tax return or when the level of business profits has been understated. If an Inspector of Taxes believes that back duty is payable, an enquiry will be instigated. If back duty is found to be payable it is likely that there will be interest and penalties added to the tax charge.

Accounting dictionary. 2014.

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