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 They were repealed (1802) in Thomas Jefferson's administration. During the War of 1812 comprehensive excise taxes were levied again but were repealed in 1817.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 Most of those were gradually repealed, and by 1883 only liquor and tobacco were taxed.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.
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References in periodicals archive ?
Tionko told reporters in an interview that excise taxes collected by its attached agency, the Bureau of Internal Revenue (BIR), from alcohol and tobacco products during the period reached P5.63 billion and P8.89 billion, respectively.
Finance Assistant Secretary Tony Lambino said his agency would seek guidance on the pronouncement of the president, whom he said may be referring to the next tranche of increase in the excise taxes of oil.
The April 2006 figure will include excise taxes for both local and long-distance services; the September 2006 figure will include only the tax on local service.
'It cannot be helped but noticed that since the passage of the increased excise taxes, the pertinence of illicit whites has increased,' Dy said.
When asked how the retention of the excise taxes will impact on inflation given the fare hike, Pernia said this is part of the reason the economic team 'really [has] to study it seriously.'
Drilon said the inflation is fuelled in part by the excise taxes on petroleum products under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
In 2006, Congress enacted the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), which includes new excise taxes and disclosure rules for tax-exempt entities--including tax-qualified retirement plans--involved in certain potentially abusive tax shelter transactions.
Under the TRAIN law, future increases on oil excise taxes will be suspended if the crude oil price in the world market exceeds USD 80 per barrel.
Sotto III expressing their concern over the planned further increases in tobacco excise taxes.
Of the total amount, P112.46 billion came in the form of 'sin taxes' or excise taxes imposed on tobacco products and alcoholic beverages.
Qualified subchapter S subsidiaries (QSubs) and certain other single-owner disregarded entities would be responsible for paying employment and excise taxes under new IRS guidance.
The United States asserted a claim for pension excise taxes under IRC section 4971(a) (failure to meet minimum funding standards).