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 ?
International Free Agents and the new Luxury Tax Around It -- According to The AP, a Luxury Tax for international free agents will also be implemented but that "there will be a separate threshold and tax with penalties, and there will be a study committee that could put a new system in place later during the agreement.
Taipei, May 6, 2011 (CENS) -- The luxury tax is expected to dampen housing trading volume considerably, as "My Housing" magazine, a leading realty publication, reported that the total value of new housing projects in greater Taipei, Taichung, and Kaohsiung will reach only NT$730 billion this year, 60% of its forecast of NT$1.
Borisov, speaking after a cabinet meeting to discuss anti-crisis measures, said that the luxury tax will be introduced.
After getting a luxury tax waiver and buses for free for a month during the Games events in October, the OC has sought extensions of exemptions and waivers worth Rs 250 crore.
The Lakers have decided to waive forward Brian Grant, taking advantage of a one-time provision to the NBA's new collective bargaining agreement allowing them to save nearly $30 million in luxury tax penalties.
Luxury Tax Refund -- If you purchased a fur, jewelry, boat, or an airplane in excess of $30,000 and were slapped with a luxury tax, you may be eligible for a refund.
The luxury tax is going away -- postpone the new car present.
For those following MLB, the Competitive Balance Tax, or as it's commonly known as the Luxury Tax, has been a much discussed topic, but often misunderstood.
Taipei, April 27, 2011 (CENS) -- The Taiwan government has proposed and will implement a luxury tax starting July 1 on certain commodities and services, which will inevitably drive up immediately prices of upscale imported cars.
They want the kind of tax exemptions that have been offered to Commonwealth Games organisers, 15 air- conditioned buses and luxury tax waiver on hotel rooms for all participants.
The provision is a one-time escape clause that allows a team to waive a player and avoid a dollar-for-dollar application to a luxury tax paid by teams exceeding the salary cap.
This tax was supposed to be a luxury tax on boats, and instead it wound up as a tax on jobs in a struggling industry.