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 ?
Winston Castelo, Batocabe said imposing tax on non-essential products like cosmetic products is a 'more reasonable option' than imposing excise taxes on basic commodities like oil.
10351, or the sin tax reform law enacted in 2012, provided for an automatic annual adjustment of 4 percent on the specific excise taxes of cigars and tobacco products, wines, as well as fermented liquors brewed and sold at microbreweries, starting Jan.
Practitioners who are not aware of the rules in this area may discover that their clients are subject to very large excise taxes, with little recourse, since the prohibited transaction rules are strictly enforced.
1 this year jacked up or slapped new excise taxes on oil, cigarettes, sugary drinks and vehicles, among other goods, to compensate for the restructured personal income tax regime that raised the tax-exempt cap to an annual salary of P250,000.
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).
Excise taxes can be levied either at specific or ad valorem basis.
In this example, Holloway says, the coverage providers might owe a total of $1,000 in Cadillac plan excise taxes for Alan's benefits package, with $787 being the responsibility of the health insurer, $157 being the responsibility of the FSA, and $55 being the responsibility of the HRA.
The federal excise taxes, tax credits, and exemptions for various types of fuel constitute a terribly confusing area of the tax law, involving several Internal Revenue Code sections and overlapping provisions.