Luxury Tax


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Luxury Tax

A tax on a good or service that is not considered essential. Luxury taxes may be levied, for example, on sail boats or gold watches. Luxury taxes primarily impact wealthy persons, but are otherwise structured like a sales tax or a VAT. That is, a luxury tax is a percentage of the value (or the added value) of the good or service being sold.
References in periodicals archive ?
The bonds are special, limited obligations of the authority, secured by luxury tax receipts levied in the city of Atlantic City, collected by the state of New Jersey (Issuer Default Rating A/Stable), and deposited with the trustee, before deposit of residuals with CRDA.
Punjab proposes removal of luxury tax on imported vehicles
In July, the Delhi government's Excise department had hauled up the club for failing to pay luxury tax amounting to ` 2.
Provincial Minister for Excise and Taxation Mujtaba Shujaur Rehman said this while presiding over a meeting of the committee constituted by the Punjab chief minister regarding issues of luxury tax on houses.
Airline Operators of Nigeria have argued that the new luxury tax amounts to double taxation and is illegal.
On May 23, Indonesian President Susilo Bambang Yudhoyono signed the regulation on luxury tax exemptions for low-cost, green cars, or LCGC, which include electric cars, hybrids, biofuel-based cars and compressed natural gas cars.
The deal was meant to be inclusive of any additional payments, but the China Film Group is asking for the 2% luxury tax to be paid on top of this.
The Government of Armenia is going to expand the luxury tax base by amending the Customs Code of Armenia.
It's here that things get tricky and play into the Yankees overall plans to address getting under the Luxury Tax threshold.
In the first five months, sales of the top-four imported luxury-car brands dropped from 51% to 34%, with importers urging the cessation of the luxury tax to save the imported-car market.
You've probably heard by now that the new CBA's luxury tax rules will have adverse effects on well-constructed teams like the Thunder and the Heat.
The luxury tax will not be introduced, since it will not bring anything to the treasury", Menda Stoyanova said.