excise tax


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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 ?
The cabinet decision aims to correct these harmful patterns and provide the appropriate legislation to regulate excise tax in order to achieve the government goals in ensuring the health and well-being of all members of the society and to achieve the third objective of the Sustainable Development Goals (SGDs) of ensuring healthy lives and promoting wellbeing for all at all ages."
Any person who produces or imports an excise good to be sold in local markets is subject to excise tax, as is any person who stockpiles said goods or releases them from a designated area, the FTA asserted, urging all relevant businesses to take the initiative and register their excise goods in the new system, as per the terms and conditions stipulated in the Cabinet decision on excise goods, which specifies the tax rates they are subject to and outlines the method used to calculate excise prices.
"(T)he law is categorical when it stated that there shall be collected on refined and manufactured mineral oils and motor fuels excise taxes which shall attach to the goods enumerated as soon as they are in existence as such.
The finance department has said the tobacco excise tax law would generate P15 billion in revenues during the first year of its implementation.
A'adi pointed out that everyone in possession of excise goods must file a transitional excise tax return only once for the stock of excise goods on the day prior to the date of implementation of the excise tax.
He said a much higher tobacco excise tax would help reduce deaths and disabilities due to smoking.
Excise tax is calculated as a percentage of the value determined in accordance with the selective tax law, Nasr said.
As of January 10, the number of gasoline stations already implementing higher fuel prices brought about by higher excise tax reached 444.
NO SECOND-ROUND EXCISE TAX FOR NOW - A tricycle driver fills up at a gas station Wednesday.
Earlier, the head of the State Customs Committee, Aydin Aliyev, noted that an increase of excise tax rates on import of tobacco and alcohol products in Azerbaijan will not lead to a strong rise in prices.
DUBAI: Following the introduction of excise tax in the UAE on October 1 , the Federal Tax Authority (FTA) has clarified that the Excise Goods Price List downloadable from its website is a reference for tax calculation only - and not for setting retail prices.
The GCC Ministers of Finance held an extraordinary meeting on Thursday 16 June in Jeddah and approved in principle the Value Added Tax (VAT) and Excise Tax treaties.