excise duty

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Excise Tax

A tax on the manufacture or sale of a good or service over and above all other taxes paid on it. For example, a person may owe sales tax on the purchase of tobacco, but the state may also levy an excise tax on top of it. Likewise, one may owe both income taxes and excise taxes on a premature distribution of an IRA. See also: Sin tax.

excise duty

an INDIRECT TAX imposed by the government on a product, principally those such as tobacco, petrol and alcoholic drinks, the demand for which is highly price-inelastic (see ELASTICITY OF DEMAND). Governments use excise duties both as a means of raising revenue (see BUDGET) and as an instrument of FISCAL POLICY. See CUSTOMS AND EXCISE.

excise duty

an INDIRECT TAX levied by the government on certain goods, most notably tobacco, oil and alcoholic drink. Demand for these goods is price inelastic (see PRICE ELASTICITY OF DEMAND) so that duty increases, implemented as part of FISCAL POLICY, will not only raise government revenue but also leave customers with less money to spend on other goods. See TAXATION.
References in periodicals archive ?
The meeting decided the imposing of ban on the weekly off of the recovery related officers and employees of the Department of Excise and Taxation till June 30, 2015 for ensuring the achievement of the target of revenue.
The smuggling cases will also be investigated by excise officers and the culprits held in smuggling cases will be kept in these police stations.
This is the second excise duty hike in three weeks, which will enable the government to raise an additional ` 4,000 crore in the four months to March as the government tries to capitalise on falling international oil prices.
Petkova informed that the excise tax rate was to increase gradually in the period 2015-2017, reiterating that the level would remain unchanged in 2014.
Pahwa further said the imposition of excise duty was unfair as manufacturers were already paying excise duty on raw materials.
Excise goods are oil derivatives, cars, alcohol beverages and cigarettes.
The rules for excise taxes are effective January 1,2008.
Revenue budgets most sensitive to the broader health of the economy, such as excise tax and building permits, were decreased by 4.
On October 26, TEI submitted comments to the Canada Revenue Agency on the revised GST/HST Policy Statement P-208R--Permanent Establishment to the Excise & GST/HST Rulings Directorate of CRA.
Matthew Farrelly, the leading researcher at RTI for this study remarked that, "Revenue gains from 1990 through 2000 reflect the fact that all states that have increased the cigarette excise tax by at least 10 cents have successfully raised revenue.
It is usually best to first open the internal auditory canal and excise a 5-mm segment of the nervus intermedius (figure 2).
AUSTIN, Texas -- Fitch has upgraded to 'AA' from 'AA-' the rating on the outstanding excise tax debt of the Scottsdale Preserve Authority (SPA, or the authority), Arizona.