Question

what is the difference between personal duty and corporate duty?

Answer 1

1.

Corporate duty , also called company duty , is a direct duty levied on a company’s income or capital by the government. Corporate duties are a seperate aspect in a country’s jurisdiction, and rules around it vary a lot from country to country. Corporate duties are subtracted from the earnings before tax figure in a company’s income statement to arrive at net income (net profit) generated for a particular period. Corporate duties apply to all companies originated in the country including SMEs, Corporations managing a business inside the country, Foreign companies operating within an establishment in the country.

2.

Personal duties are imposed by government on an individual’s income i.e. wages and salaries. A series of deductions are often offered by many jurisdictions such as deductions for medical insurance premiums from which individuals can benefit to reduce their taxable income. Personal duties vary from country to country because of different laws and governments.

Personal duties apply to Self-employed people , full-time employees , individuals practicing a certain profession , part time employees and freelancers.