excise tax

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Related to Excise taxes: Excise duty

Excise tax

Federal or state tax placed on the sale or manufacture of a commodity, typically a luxury item e.g., alcohol.

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 tax

A tax on the manufacture, purchase, or sale of a good or service. The tax may be based on the number of units or on value. Compare consumption tax.
References in periodicals archive ?
Lambino said inflation, which hit a record-high 6.7 percent in September, would remain high even if the excise taxes are suspended.
He said the provisions on the review and the three-month averaging could be shortened to allow the government to act faster in suspending excise taxes on petroleum products.
Excise taxes from automobile fell short of the target, amounting only to P2.92 billion against the P3.4 billion goal.
Different groups have already called on the government to suspend fuel excise taxes amid rising inflation.
During the deliberations on the TRAIN law, Ejercito said that he suggested the increase in tobacco and excise taxes instead of imposing oil levies as he was worried over the latter's impact on inflation.
Lambino II also last week said the recommendation to suspend next year's tranche of oil fuel excise taxes still stands.
It also seeks to adjust excise taxes of fuel, automobile, coal and sugar-sweetened beverages, and expand the tax base by removing value-added tax exemptions.
In cases of locally manufactured/assembled automobiles, the excise tax may be paid either: (1) simultaneous to the filing of the proper Bureau of Internal Revenue (BIR) Form and before removal of the automobile from the place of production/assembly; or (2) in advance (wherein the person liable shall be allowed to remove automobiles without prior filing of the prescribed excise-tax returns provided that he has sufficient balance of deposits with the BIR to cover full payment of the excise taxes due on said removals).
4958 (the intermediate-sanctions provisions) permit the IRS to assess excise taxes against disqualified persons who participate in excess-benefit transactions with applicable tax-exempt organizations.
The TRAIN Act also tasked the DOF to review yearly the implementation of the higher excise taxes on fuel products.
Cimatu's plan to increase excise taxes on mining, arguing this will not only add revenue to government coffers, but will also pave the way to responsible mining.
Taxpayers can use Form 8849, Claim for Refund of Excise Taxes, or Form 720, Quarterly Federal Excise Tax Return, and must make claims before the end of the calendar quarter following the last quarter in which the exempt use of the fuel occurred.