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 ?
4101 requires certain taxpayers to register with the IRS by filing Form 637, Application for Registration (for Certain Excise Tax Activities), when they are engaged in activities subject to excise taxes.
1% of the government's total receipts in 2013, emphasizing the crucial importance of the policy for determining the excise tax rate, the efficiency of revenue collection by the customs authority, the elimination of smuggling, and the provision of favorable conditions for the sector.
Bliss said the Cash for Clunkers program - which gave consumers tax credits of $3,500 or $4,500 to trade in older vehicles for new, more fuel-efficient vehicles - did not generate much additional excise tax for communities.
A recent change in retail excise tax law is the expiration of the luxury tax on passenger vehicles.
Now, PTCE 2002-51 provides a de minimis exception to the notice requirements for transactions involving delinquent participant contributions and/or the failure to transmit participant loan repayments for which the excise tax due under IRC Sec.
In addition to the Radioshack class action, two other class actions have been filed that implicate the Communications Excise Tax (Rosenberg v.
Most recently, Kocak was chief of the Excise Tax Branch in the IRS's Office of Chief Counsel.
In response to the issue of how much money the bill raised, the debate shifted to who would pay the excise tax.
But Smoking Gun was even more ambitious, noting that "our best, and, perhaps, only hope to combat a consumer excise tax increase in 1991" is "to help elect a Republican governor who is a `no new taxes,' George Bush Jr.
Not only must assets transferred in excess of the amount actually needed to pay retiree medical benefits for the year revert to the pension plan, but the employer has to pay a 20-percent excise tax on any unused amounts.
X treated the payments to T's subsidiary as reinsurance premiums and remitted the federal excise tax required.
Of the 57 excise tax increases that states implemented between 2003 and 2007, only 16 met or exceeded revenue targets.