excise taxes


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Related to excise taxes: Excise duty

excise taxes,

governmental levies on specific goods produced and consumed inside a country. They differ from tariffstariff,
tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic industries
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, which usually apply only to foreign-made goods, and from sales taxessales tax,
levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government.
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, which typically apply to all commodities other than those specifically exempted. In their modern form, excise taxes were first developed by Holland in the 17th cent. and established by law in England in 1643. Introduced into the Dutch colonies in America, the system spread to other colonies. Such taxes were first used by the federal government in 1791 and aroused great opposition. They were repealed (1802) in Thomas Jefferson's administration. During the War of 1812 comprehensive excise taxes were levied again but were repealed in 1817. The taxes imposed during the Civil War included an excise tax on all manufactured goods. Most of those were gradually repealed, and by 1883 only liquor and tobacco were taxed. The Spanish-American War saw a temporary expansion of excise taxes. In both World Wars such taxes were greatly increased; in World War II they were levied on furs, jewelry, and leather as well as on liquor, tobacco, and amusements. Excise taxes, which account for less than 10% of all federal receipts, are far less important than the income tax. Nearly all the states and many municipalities levy excise taxes. The Internal Revenue ServiceInternal Revenue Service
(IRS), division of the U.S. Treasury Dept. that is responsible for the assessment and collection of most federal taxes, except those relating to alcohol, tobacco, firearms, and explosives.
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 collects federal excise taxes in the United States.
References in periodicals archive ?
The United States asserted a claim for pension excise taxes under IRC section 4971(a) (failure to meet minimum funding standards).
He added that if legislators were to impose excise taxes, it should not be on coal usage alone.
The coal tax, along with the increased excise taxes on diesel and bunker fuel, is poised to make electricity more expensive at a time when the Philippines already has the most expensive electricity rates in the entire Asean region,' said Gatchalian.
Taxpayers can use Form 8849, Claim for Refund of Excise Taxes, or Form 720, Quarterly Federal Excise Tax Return, and must make claims before the end of the calendar quarter following the last quarter in which the exempt use of the fuel occurred.
These stamps ensure that the correct excise taxes are paid.
Typically, excise taxes imposed on goods such as alcohol, tobacco and tires have floor stocks provisions.
The Bureau of Customs is supporting a bill seeking to restructure the system for excise taxes on brand-new vehicles.