excise


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Related to excise: Excise duty

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 Authority revealed that it has updated the electronic registration system for excise goods to allow for adding the new products included in the amended Cabinet Decision.
said: "These amendments comes in line with the government's orientation that excise tax policy targets consumption patterns harmful to public health, in order to complement efforts to raise awareness about the damaging effects of consumables harmful to health.
As a result of tax differences, the number of Estonians and Scandinavians buying excise goods in Latvia has been growing in recent years, the Revenue Service informed, noting that sales of alcohol and other excise goods have been rising in Latvia-Estonia border areas, increasing Latvia's excise revenue.
In relation to the new reporting requirements of the excise tax, the authority urged the excise taxable persons to comply with the new declarations and tax return forms and reporting requirements including import, produce, release from designated zones, and local purchase scenarios, which ensures increased transparency and accuracy.
The law will increase the excise tax slapped on cigarettes from P35 to P45 per pack next year.
According to details obtained by The Express Tribune, acting excise director general Chaudhry Masoodul Haq has briefed the secretary excise about the proposed system through which licences for the preparation of number plates will be issued.
Assistant Excise and Taxation Officer, Sohail Shahzad informed reporter that the motoring public bank transactions would be carried out during 9 am to 2 pm on Saturday and Sunday.
He said, "The working group has completed these requirements and is completing the remaining procedures required for automated link with the relevant government agencies to activate the systems in a timely manner according to the target timelines." "The working group concerned with the implementation of the excise tax has prepared a guide to explain the implementation processes and procedures for taxpayers, and a brief guide on the frequently asked questions expected from the public.
"All available resources being utilized to yield better results from the performance of Provincial Excise Department, progress underway to meet the given tax-collection target of more than 2 billion rupees." Naeem Bazai said added online Tax System would be helpful to decline corrupt practice from Excise Department.
On January 1, Qatar officially imposed excise taxes on carbonated drinks (50% rate) and tobacco products and energy drinks (100%), among other items that fall under "excise goods" to limit consumption of several items, while raising government funds for public services.
A new excise label for tobacco products intended for the domestic market has been approved by order of the Minister of Finance.
FAISALABAD -- A total of Rs1.921 billion had been recovered by Excise and Taxation Department (E and T) in Faisalabad Division by the end of second quarter of fiscal year-2018-19 till December 31.