excise tax


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excise tax

(ek′sīz″) [Dutch excijs, fr L. accisa, tax]
A graduated tax charged by a city, state, or national government on the use of a commodity or service. The greater the use, the higher the tax. Excise taxes are used to discourage the purchase of hazardous but legal substances, such as cigarettes or alcohol. The added cost to these products makes them less appealing to those with limited incomes and deters their consumption by adolescents. Excise taxes have also been used to pay for the costs of health care that societies incur because of the use of hazardous agents.
References in periodicals archive ?
said: "These amendments comes in line with the government's orientation that excise tax policy targets consumption patterns harmful to public health, in order to complement efforts to raise awareness about the damaging effects of consumables harmful to health.
In the first six months of this year, excise on oil products provided 50.8 percent of total excise revenue, excise tax on tobacco provided 20.6 percent and excise tax on alcohol (including beer) 24.5 percent of total excise revenue.
In relation to the new reporting requirements of the excise tax, the authority urged the excise taxable persons to comply with the new declarations and tax return forms and reporting requirements including import, produce, release from designated zones and local purchase scenarios, which ensures increased transparency and accuracy.
The CTA en banc upheld the tax court division's ruling that the law does not qualify whether the mineral oil or motor fuel subject to excise tax could be commercially used.
The law will increase the excise tax slapped on cigarettes from P35 to P45 per pack next year.
The law increased the excise tax on cigarettes by P45 per pack effective January 1, 2020.
The working group concerned with the implementation of excise tax has prepared a guide to explain the implementation processes and procedures for taxpayers, and a brief guide on the frequently asked questions expected from the public.
During the seminar, GTA's indirect tax expert, Samy Nasr, explained in a presentation the main characteristics of the excise tax, the goods it covers, the persons responsible for the tax, how to calculate excise tax, exemption and suspension cases, recovery cases, and compliance requirements.
Under the second tranche of excise tax under the Tax Reform for
The deferment of excise tax hikes for the oil sector was similarly enforced last year - due to the oil firm's remaining stocks prior to the effectivity of the tax reform law.
For import of whiskey, vodka and liqueur, the excise tax is set at the level of 10 manats [$5.88] per 1 liter.