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 ?
At the meeting on excise tax issues, TEI's delegation asked about efforts to enhance the competitiveness of Canadian companies making supplies to a global marketplace, reiterating concerns raised during previous meetings.
The agendas for the CCRA and Department of Finance meetings in respect of excise tax issues are reprinted in this issue, beginning at pages 542 and 562, respectively.
DOF data showed that the government targeted excise tax collections from cigarettes this year to reach P126.
Interestingly, despite the changes introduced by the TRAIN law regarding the excise tax on automobiles, the automobile industry seems to be unscathed.
When raising excise tax rates, we carefully analyze the situation.
The FTA said that some brands of goods that are not yet on the list will be still subject to excise tax.
What businesses should need to know about Excise Tax
The treaties will form the basis for the issuance of national VAT and Excise Tax legislation by each GCC Member State.
In any case businesses need to start preparing in advance to be able to comply with the new tax obligations including charging, collecting and paying VAT and Excise Tax to the Tax Authority in a timely manner.
Although some legislative proposals provided for a retroactive repeal of the tax, the moratorium as enacted does not provide for a refund of the medical device excise tax for sales before Jan.
The insurer will want Alan's employer to include a payment for the excise tax liability with the payment for Alan's coverage, but, for the insurer, the total cost of the excise tax liability could be much bigger than the tax payment, Holloway says.
Member of the Parliament of Kyrgyzstan Almazbek Btyrbekov has proposed to raise the excise tax on beer import into Kyrgyzstan.