Excise Article For Free

Excise Tax Examples The excise taxes that generate the biggest revenue at the federal level include fuel, airline tickets, tobacco, alcohol and health-related goods services.

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

An excise duty is a type of indirect tax that is levied on the sales of particular goods. This tax is not paid directly by the customer but is passed on to the consumer by a merchant or producer of goods as a part of the price of the product.

VAT is the tax added on goods as it moves from the initial stage of manufacturing to the point of sale while excise duty is the tax added on the manufacturing of goods.VAT is paid by the consumers who buy the product whereas excise duty is paid by the company who is making the product.

The excise tax is applied to 19 specified classes of products identified by ECC. The value added tax (VAT) is a flat 15 percent tax on all imports, unless otherwise exempted. The surtax is a flat tax of 10 percent on all imports, unless otherwise exempted.

EXCISE TAX RATES:A. ALCOHOL PRODUCTS. PARTICULARS.B. TOBACCO PRODUCTS. PARTICULARS.C. PETROLEUM PRODUCTS. PRODUCT TYPE.D. MINERALS AND MINERAL PRODUCTS. PRODUCT TYPE.E. AUTOMOBILES AND OTHER MOTOR VEHICLES.G. SWEETENED BEVERAGES (RA 10963-TRAIN Law)H. INVASIVE COSMETIC PROCEDURES - (RA 10963-TRAIN Law)A. ALCOHOLPRODUCTS.More items...

Objectives: The New Proclamation proposes to impose the tax on goods that are believed to be luxurious, hazardous to health, causes social problems as well as on basic goods which are demand inelastic. Secondly, it replaces the production cost-based assessment of the tax to the ex-factory price method of assessment.