Economic Glossary | Excise tax | Bankers Algo
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Economic Glossary

    Excise tax

An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities. Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties are border taxes.
An excise is considered an indirect tax, meaning that the producer or seller who pays the tax to the government is expected to try to recover or shift the tax by raising the price paid by the buyer. Excises are typically imposed in addition to another indirect tax such as a sales tax or value added tax(VAT). In common terminology (but not necessarily in law), an excise is distinguished from a sales tax or VAT in three ways:

  • an excise typically applies to a narrower range of products;
  • an excise is typically heavier, accounting for a higher fraction of the retail price of the targeted products; and
  • an excise is typically a per unit tax, costing a specific amount for a volume or unit of the item purchased, whereas a sales tax or VAT is an ad valorem tax and proportional to the price of the good.

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Banker's Algo Daily Dose

Word of the day

Brook(n)

Meaning:

Stream of water

Synonyms: beck, branch, burn, creek, rill, rindle, river

Antonyms: break, break down, despair, droop, fail, faint, fall, falter, give out, give up, sink, succumb, surrender, yield

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Free notebooks were distributed equally among the children of a class. The number of notebooks each children was one eighth of the number of the children when the number of children been half, each would have got 16 notebooks. How many notebooks was distributed in all?

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