excise

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Related to Excise taxes: Excise duty

Excise

A tax imposed on the performance of an act, the engaging in an occupation, or the enjoyment of a privilege. A tax on the manufacture, sale, or use of goods or on the carrying on of an occupation or activity, or a tax on the transfer of property. In current usage the term has been extended to include various license fees and practically every internal revenue tax except the Income Tax (e.g., federal alcohol and tobacco excise taxes).

excise

n. a tax upon manufacture, sale, or for a business license or charter, as distinguished from a tax on real property, income or estates. Sometimes it is redundantly called an excise tax. (See: tax)

excise

noun assessment, capitation, charge, custom, demand, duty, exaction, exactment, fee, imposition, levy, liability, obligation, tariff, tax, taxation, toll
Associated concepts: direct tax, excise tax, fee, gift tax, license tax, privilege tax

excise

(Cut away), verb abscind, clip, cut, cut out, deduct, delete, detruncate, diminish, disjoin, dissever, eradicate, expunge, expurgate, extract, pare, pluck out, remove, separate, sever, subduct, subtract, take away, take out, tear out, thin, truncate, weed, withdraw

excise

(Levy a tax), verb appraise, assess, charge, charge duty, claim, collect, compel payment, demand, demand payment, demand toll, enforce payment, exact, force payment, impose a duty on, impost, lay a duty on, lay claim to, levy, levy an excise on, oblige, raise, require a tax, requisition, take, tax
Associated concepts: direct tax, franchise tax, gift tax, indiiect tax, privilege tax, succession tax
See also: assess, bowdlerize, cancel, delete, diminish, duty, expunge, imposition, levy, redact, reject, tariff, tax, toll

excise

originally taxes charged on the retail sale within the UK of commodities such as beer, wines and spirits. Nowadays, however, licences (e.g. permitting the use of a gun or dealing in game) are classified as excise. One of the most commonly prosecuted excise offences is contravention of the legislation which requires motorists to display a vehicle excise licence, known colloquially as a tax disc.
References in periodicals archive ?
So that's why the economic development cluster prioritized immediate actions to bring down the prices of food by increasing supply." Lambino said the government would not be able to collect P40 billion in 2019 if the next tranche of increase in fuel excise taxes is suspended.
However, Finance Assistant Secretary Tony Lambino pointed out that there is a need to look more closely into the potential effect on suspension of fuel excise taxes, as he noted that the additional excise taxes comprise 25 percent of the increase in fuel prices.
The implementing rules and regulations (IRR) for the suspension of fuel excise taxes is currently being crafted by a committee comprised of the departments of Energy and Finance, as well as the Bureaus of Customs and Internal Revenue, among other agencies.
Cimatu last Thursday said he is eyeing to impose a 'significant' hike on excise taxes in mining, citing President Duterte's instruction to him to maximize profit from the industry.
Typically, excise taxes imposed on goods such as alcohol, tobacco and tires have floor stocks provisions.
Senator Bam Aquino expressed hope on Wednesday that with President Rodrigo Duterte's inclination to suspend excise taxes on oil products, the government will unite to support the move.
Therefore, public charities and social welfare organizations should do everything possible to avoid triggering the excise taxes. The most consequential planning opportunity appears to be taking the steps necessary to qualify for the presumption of reasonableness when establishing compensation and determining FMV in transactions with anyone who may be considered a "disqualified person." Some suggested steps include the adoption of a written accountable plan for expense reimbursement, the review of existing conflict of interest policies and the drafting of compensation decision-making procedures.
On top of further raising the excise taxes on tobacco and alcohol products, the Department of Finance is also seeking to stop the sale of cigarettes per stick as well as the use of e-cigarettes under its proposed tax reform package '2 plus.'
The Service has begun a three-year program to increase audit coverage of excise taxes. In 1997, the emphasis will be on motor fuel excise taxes.
The Department of Finance is supporting further increases in alcohol and cigarette excise taxes to lessen consumption of these 'sin' products even as these have become inflationary.
If an individual is concerned with the amount of estate, income, GST and excise taxes to be paid on retirement plan benefits at death, he should consider naming a charity as a beneficiary of all or a portion of the benefits.
This was the first time the BIR collected excise taxes from sugary beverages, as mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.