Excise policy meaning

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 (e.g., federal alcohol and tobacco excise taxes). West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved. 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: "We have digitalized vehicle registration and documentation which has decrease corruption in Excise Department but we have been pursing strict policy against corrupt practices in provincial Excise and Taxation Department." The Advisor said added action against corrupt elements would be publicized through media.

...this year's rise in excise duties. • American English: ˈɛksaɪz/ • Brazilian Portuguese: imposto de consumo • Chinese: 消费税 • European Spanish: impuesto de consumo • French: • German: • Italian: • Japanese: 物品税 • Korean: • European Portuguese: imposto de consumo • Latin American Spanish: impuesto de consumo • Thai: ภาษีสรรพสามิต

• Excise taxes are taxes required on specific goods or services like fuel, tobacco, and alcohol. • They are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly. • Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit). • Sin taxes are a form of excise tax on goods that have a high social cost, such as alcohol and tobacco. • Some excise taxes can be required directly from the consumer like property taxes and excise tax penalties on certain retirement account activities. How an Excise Tax Works Excise taxes are primarily for businesses. Many of them are paid by merchants who then pass the tax on to consumers through higher prices. Merchants pay excise taxes to As such, consumers may or may not see the cost of most excise taxes directly. But there are some excise taxes that are paid directly by consumers, including The largest revenue-producing excise taxes in the U.S. come from motor fuel, airline tickets, tobacco, alcohol, health-related goods, and health-related services. Ad Valorem Excise Taxes An ad valorem tax is charged on a percentage basis. This results in an excise tax that is based on the value of the product or service. Sin taxes on targeted goods like beer and alcohol will often be taxed at the federal level and also taxed again by the state, making the cost of these items higher. For example, New York has a specific excise tax of $4.35 per cigarette pack of 20. Combining this with th...

In legislative text released October 28, 2021, the House Rules Committee proposed to impose a 1% excise tax on stock repurchases by publicly traded companies starting in 2022. If the provision is enacted, corporations will need to consider the excise tax in weighing stock repurchase programs. Moreover, the definition of “repurchase” in the proposal is broad enough that the tax might be triggered by certain acquisitions, split-offs and other transactions even though they would not conventionally be viewed as stock repurchases. The Legislative Text The excise tax was proposed as part of legislation implementing President Biden’s revised framework for reconciliation legislation, the Build Back Better Act (BBBA). The revised BBBA includes a number of significant tax provisions as revenue offsets for the cost of the BBBA’s various spending measures. The proposed excise tax on stock repurchases is generally similar to legislation previously introduced by Senator Sherrod Brown (D-Ohio) and Senate Finance Committee Chairman Ron Wyden (D-Ore.) in September 2021. 1 The provision imposes a 1% excise tax on publicly traded U.S. corporations (and certain U.S. subsidiaries of publicly traded non-U.S. corporations) for the value of any stock that is repurchased during the taxable year by the corporation or “specified affiliates” in which the corporation owns a 50% or greater equity interest. A “repurchase” includes a “redemption” as defined under the U.S. tax code (generally, any acquisi...