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 excise commissioner has sought a report on the matter, and directed all deputy excise commissioners to send a report within three days.
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).
The Punjab government had planned to establish the excise and narcotics police stations at divisional headquarters, besides setting up special check-posts at all the entry and exit points of the divisions to curb the menace of the narcotics across the province.
The excise stamps were given only for import cigarettes with filters," the statement said.
Expressing concerns that the uniforms worn by the excise police looked to be similar to the ones worn by the K-P police, the excise and taxation department was asked to change them so that officers of both forces look distinct.
For import of whiskey, vodka and liqueur, the excise tax is set at the level of 10 manats [$5.
Finance Undersecretary Karl Kendrick Chua added the excise tax cost only corresponds to about one percent of the total cost of coal.
7) of 2017 identifies the person liable to pay tax where the person who conducted the activity (importing, producing or stockpiling of excise goods) has not settled the tax, as a person in the supply chain, an investor with a financial interest in the supply chain, or the owner of the excise goods.
Cabinet okays VAT, excise tax regulations He said the FTA worked with some of the world's leading companies to develop a tax system that suits the UAE.
This was stated by Punjab Secretary Excise and Taxation and Narcotics Control Department,Dr Bilal Ahmed at a seminar here on Tuesday.
Excise and Taxation inspectors Faqeer Ali Shah and Ali GoharSahito participated in the raid and Excise and Taxation officer Qurban Ali Shaikh supervised the raid.