excise duty


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Related to excise duty: Custom duty

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 ?
Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.
Johnson, 53, from High Road, Wilmington, Dartford, pleaded guilty to the evasion of excise duty and was sentenced to one year in prison.
This means that the government can raise the excise duty on vodka to 300 soms.
We have decided to pass on the entire benefit of the excise duty cut to our customers.
The across-the-board implementation of excise duty valuation based on cost of manufacture had caused a significant amount of concern within the automotive companies as it made it very difficult for the industry to price the products in tune with the market realities," said Vikram Kirloskar, President of the Society of Indian Automobile Manufacturers, in a press release.
Excise duty on all cigarettes has been increased by about 18 per cent, except cigarettes of length not exceeding 65mm.
He was fined pounds 175, ordered to pay vehicle excise duty of pounds 17.
Markers and Higlighter Inks should also be exempted from the current excise duty @ 10 per cent.
The European Commission decided, on 2 April, not to raise any objections to the excise duty reductions and exemptions introduced by Slovakia for the benefit of railway and inland waterways transport.
Its views come in a detailed consultation paper on tobacco excise duty policy--responses requested by June 1.
In member states that donot benefit from a transitional period to adapt to the European minimum rate, the excise duty levied on diesel can range from 302 euro to 782 euro per 1,000 litres.
He is further accused of evading an estimated pounds 20,000 in excise duty.