excise duty

Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia.

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

Mentioned in ?

References in periodicals archive ?

The government had in 2016 hiked excise duty on ATF to 14 percent from 8 percent.

Excise duty on ATF cut to 11%

Among the taxes whose imposition is justified by non-fiscal reasons, excise duty deserves particular attention.

TAX EXEMPTIONS IN EXCISE DUTY IN THE CONTEXT OF FISCAL EFFICIENCY

The World Health Organization (WHO) and all other world bodies recommend that 70% of price of the cigarette should be levied as federal excise duty in order to discourage smoking.

PAC suggests SC-led investigation into tobacco companies' tax case

Subsequent to that excise duty reduction, the Union government had asked states to also lower VAT but just four of them -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh reduced rates while others including BJP-ruled ones ignored the call.

Petrol price hits highest level under BJP govt, diesel at record high

However, excise duty will only be charged on tobacco if the buyer exceeds the current allowance of 400 cigarettes, in which case the passenger would pay 100 per cent excise duty on the additional only, Dubai Duty Free said in a statement.

Residents will cut down on tobacco purchases from duty free after 'sin tax'

There's no excise duty on balances of less than BDT100,000, Muhit said.

Bangladesh FM says excise duty on bank accounts would not hurt the poor

Justifying the government's decision to hike excise duty on petro products when their prices were low, Pradhan said, " Today, I am assuring this House that if there is a spectacular hike in the prices of crude oil, the government may decide to pass on this benefit of increase in excise duty to consumers." Pradhan said that after deregulation of diesel and petrol, public sector oil companies are taking decisions on their own.

CRUDE CUSHION FOR CONSUMER

The excise duty on 1000 cigarettes of JPGL variety (Gold Leaf) has been increased from Rs 21,610 to Rs 23,750 by Rs 2,140.

Exercise Duty Increased On Cigarettes, Beer and Hard Liquor

As of 2016, the excise duty on cigarettes will start increasing, pushing up cigarette prices.

Bulgariaa[euro][TM]s Parliament to Discuss Increase in Excise Duty on Cigarettes

Cuerton, 57, from Hainton Avenue, Grimbsy, pleaded guilty to the evasion of excise duty, as well as the possession of articles for use in fraud.

Man jailed for role in PS95k tobacco fraud; ECHO SHORTS

There will be no changes since the excise duty will rise to the set base rate, he said.

Increasing base rate for excise duty on alcohol isn't going to change anything - expert

However four consecutive excise duty hikes in three months have reversed this.

JET FUEL CHEAPER THAN PETROL

Financial browser ?

Full browser ?

CITE

Site: Follow: Share:

Open / Close