luxury tax


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luxury tax,

levy on articles that are not essential to a normal standard of living. Such taxes may be imposed strictly for revenue purposes or they may be intended to discourage consumption of certain articles, e.g., the tax on French lawns and laces in the 18th cent. in England. In modern times such "conventional necessities" as alcohol, tobacco, jewelry, furs, amusements, private automobiles, and candy have been taxed. In the United States, luxury taxes have been levied frequently, especially in wartime, to raise revenue as well as to discourage the flow of essential resources into the production of items not related to the national effort.
References in periodicals archive ?
New York: Fitch Ratings has affirmed approximately $229 million of Casino Reinvestment Development Authority, New Jersey (CRDA) luxury tax revenue bonds at 'BBB+'.
LAHORE -- Punjab Minister for Industries, Commerce and Investment Sheikh Allauddin proposed the imposition of a 25% luxury tax on posh restaurants and hotels which served food late into the night.
The Government has necessitated soonest introduction of luxury tax in the country during the session on January 21.
Now the left (Miliband and Clegg) want to tax what we own, so there is little doubt that after their mansion tax, they will try to tax us for having a garden, a kitchen over a certain size or value, a large TV, an expensive camera, watch or our wife's jewellery; in other words a return to the old luxury tax or 'let's screw anyone who has something we don't have', which we used to call an envy tax.
Now the left (Miliband and Clegg) want to tax what we own, so there is little doubt that after their Mansion Tax, they will try to tax us for having a garden, a kitchen over a certain size or value, a large TV, an expensive camera, watch or our wife's jewellery: in other words a return to the old luxury tax or lets screw anyone who has something we don't have, which we used to call an envy tax.
The Lahore High Court on Friday stayed the recovery of luxury tax on house of more than two Kanals.
One of the unfortunate developments during the year was the tendency by interested groups to paint our club in a negative light for nonpayment of Luxury Tax and Service Tax.
LAHORE -- The government will abolish luxury tax on houses and a new legal regime will be promulgated after suitable modification to cover not only luxury houses but any other luxury item which may be within the preview of definition of "luxury".
Private jet owners and operators in Nigeria have been directed to pay $3,000 or $4,000--depending on country of registration--as a luxury tax after every flight within the country.
The luxury tax exemption, expected to give a boost for Japanese car manufacturers, applies to locally assembled vehicles with engine capacities of less than 1200 cc and a minimum fuel consumption of 20 kilometers per liter.
With the rich and politicians largely escaping sacrifice during Greece's crushing economic crisis - some are even prospering as never before - the Greek Government said it will slap a luxury tax on the wealthy, those who who big, fancy cars, swimming pools and airplanes in a bid to raise critically-needed cash with revenues off expectations despite big tax hikes.
China is holding Hollywood to ransom by refusing to hand over tens of millions of dollars made from screening blockbusters in the country's cinemas unless studios pay a 2% luxury tax.