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 ?
The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018.
Avanzi, 35, of Bath Street, London, pleaded guilty to the evasion of excise duty and was sentenced to one year in prison.
Kunakunov believes that the Parliament's increase of excise duty on alcohol was unreasonable and only resulted in a panic among the alcohol producers of the country, he added.
The finance minister has proposed a 4 per cent excise duty on silver manufactured from smelting zinc or lead.
He was fined pounds 175 and ordered to pay vehicle excise duty of pounds 21.
5 kilos of hand-rolling tobacco and the evasion of pounds 85,000 in excise duty.
The company and Finnish Customs reportedly disagree over who should pay the excise duty, and the authorities are currently holding some 50,000 litres of alcohol ordered from the online store.
According to the EC, the aid consists of an excise duty reduction of 95 euros per 1,000 liters of blended diesel/biodiesel, compared to an applicable excise duty of 306 euros per 1,000 liters without an exemption.
It proposes a major, progressive increase in the rate of excise duty on commercial diesel fuel by establishing a central rate of duty set, at Euro 350 per thousand litres; the current minimum rate of excise duty is Euro 245 per thousand litres.
Excise duty on British beer, seven times French levels, accounts for 40 per cent of the price of the British pint.
Abolition of CED: The tourists being required to pay a 10 per cent per Central Excise Duty is considered to be extremely high and creates an unpleasant feeling.