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 ?
Pursuant to these amendments, effective 1 January 2020, a 100% excise tax on electronic smoking appliances and liquids used in these devices, and 50% excise tax on beverages and sugary drinks has been set.
Revenue generated from excise tax on alcohol grew by EUR 15.6 million, and revenue from excise charged on tobacco rose by EUR 14.6 million.
Additionally, the authority pointed to the new manuals and guides it launched to raise awareness among taxpayers and offer them instructions on how to register excise goods in the new system, and comply with the new reporting requirements and forms in the excise tax system.
Excise taxes amounting to a total PHP67.95 million was paid by Petron for three importations of alkylate in August and December 2013.
Products that are more than 50 ml will be slapped with P50 excise tax plus P10 per additional 10 ml.
The further increase in tobacco excise tax is part of the administration's tax reform package 2-plus.
He said that the businesses should maintain a constant contact with relevant stakeholders at the SGT to monitor the developments on the mechanisms of implementing excise tax and to identify other requirements that may arise when the executive regulation is issued.
Also, an excise tax of P10 per pack of 20 units will be imposed on heated tobacco products, while vapor products will have a P10 excise tax for every 10 milliliters starting Jan.
Nasr also said all companies engaged in the import, production, or storage of excise goods would be subject to excise tax. The law specifies taxpayers, local producers, importers, warehouses, and treasurers.
Acceleration and Inclusion (TRAIN) law, an additional excise tax of P2 will be imposed per liter of diesel and gasoline, and P1 per kilogram on household liquefied petroleum gas.
It emphasized that "in case of failure to submit the required inventories by any of the aforesaid taxpayer, petroleum products found in his inventory prior to January 1, 2018; January 1, 2019 and January 1, 2020 shall be deemed subject to the new excise tax rates."
dollar led to an increase in prices for imported alcohol and tobacco products, as well as to a reduction in excise tax rates in manat.