In a separate meeting with CCRA on
excise tax issues, TEI followed up on responses to GST questions raised at the Institute's 2003 Canadian Tax Conference, as well as posed several new ones.
On December 5, the TEI delegation met separately with the Department of Finance on income and
excise tax matters.
Under the TRAIN law, the unitary
excise tax slapped on cigarettes rose to P32.
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).
dollar led to an increase in prices for imported alcohol and tobacco products, as well as to a reduction in
excise tax rates in manat.
Finance Undersecretary Karl Kendrick Chua added the
excise tax cost only corresponds to about one percent of the total cost of coal.
The FTA also clarified that the retail price subject to tax, known as Excise Price, of each taxable item must be the highest of the following two prices: the local market price specified in the Excise Goods Price List (available on the FTA website) - or the designated retail sale price as calculated by the retailer as per the procedure specified in the Taxable Persons Guide for
Excise Tax.
On October 1, the
excise tax will go into effect at a rate of 100 per cent on tobacco and energy drinks that include stimulants or substances that induce mental or physical stimulation, such as caffeine, taurine, ginseng and gaurana.
Muscat: Companies should take action now to prepare for Value Added Tax and
Excise Tax, urged Price Waterhouse Coopers, (PwC)after the Gulf Cooperation Council Ministers of Finance approved in principle both treaties last Thursday.
Commenting on this Jeanine Daou, Middle East Indirect Taxes Partner, said, "The introduction of VAT and
Excise Tax constitute an important policy reform aiming to help GCC Governments achieve medium to long term social and economic policy goals, and reduce reliance on hydrocarbon revenues.
4191 imposed a medical device
excise tax on the sale, use, or lease of a "taxable medical device" by its manufacturer or importer at a rate of 2.
Drafters of the Patient Protection and Affordable Care Act of 2010 (PPACA) added the
excise tax, in an effort to raise revenue, encourage employers to hold down health care costs, and reduce the share of federal health insurance tax breaks going to high-income workers with rich health benefits.
