excise

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excise

1. a tax on goods, such as spirits, produced for the home market
2. a tax paid for a licence to carry out various trades, sports, etc.
3. Brit that section of the government service responsible for the collection of excise, now the Board of Customs and Excise

Excise

 

one of the forms of indirect taxation, primarily on objects of mass consumption (such as salt, sugar, and matches), and also on municipal, transportation, and other widely used services. Excise tax is included in the price of goods or as a tariff on services; thus, it is, in effect, shifted to the consumers, mainly workers. In prerevolutionary Russia, excise taxes, along with the spirits monopoly, produced 47.5 percent of the total income of the budget in 1904. Excise taxes are an important source of revenue for the state budgets of contemporary capitalist countries. In England and the USA, for example, from 1929 to 1958 excise taxes yielded between 14 and 30 percent of all tax receipts. In the USA, the total excise collections grew from $.5 to $12.4 billion per year over the period 1928–59. The excise tax on many goods is as high as half or even two-thirds of their price.

In the USSR the excise system was abolished by the tax reform of 1930; in other socialist countries it was abolished by the tax reforms of 1948–49.

References in periodicals archive ?
Excise tax issues included in the Department of Finance agenda related to the application of GST to promotional allowances paid to a third party based on purchases made by the third party's customers; the potential for applying a zero-rating to intangible personal property, services, and telecommunications; and the potential for harmonization of Ontario's provincial retail sales tax with GST.
The TRAIN law also mandated a further increase in the cigarette excise tax rates to P35 a pack from July 1, 2018, to Dec.
However, not all automobiles are subject to excise tax.
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.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, the Action for Economic Reforms (AER) called out Congress' decision to forego the lifting of the excise tax on locally produced coal.
This website can help President issues decree on Excise Tax Executive regulation on excise tax released Passengers at Dubai airports to pay excise tax
As per the Federal Decree-Law No (7) of 2017, Excise Tax will be charged on production of excise goods in the UAE, import of excise goods in the UAE, release of excise goods from a designated zone and stockpiling of excise goods in the course of conducting business.
The Excise Tax and VAT treaties constitute the common framework for the introduction of these taxes in the GCC which is expected to occur by 1st of January 2017 and 1st of January 2018, respectively.
Upon the ratification of the treaties, each Member State will need to issue its own national VAT and Excise Tax legislation based on the agreed common principles.
Manufacturers and importers of devices sold during this period do not need to make semimonthly deposits of tax or file Forms 720, Quarterly Federal Excise Tax Return, relating to these sales.
The provision calls for the IRS to have "covered providers" pay a 40 percent excise tax on the "excess benefits" in high-cost planning for the taxable years starting after Dec.