Excise Contract For Free

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...

There are three types of Excise Duties- Basic, Special and Additional.

Excise duties and levies are imposed mostly on high-volume daily consumable products (e.g. petroleum and alcohol and tobacco products) as well as certain non-essential or luxury items (e.g. electronic equipment and cosmetics).

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.

One of the rationales for excise taxation on certain products is that such taxation is easier to administer than other taxes in that excise legislation is generally not as complex as for instance income tax laws.

Excise taxes are taxes required on specific goods or services like fuel, tobacco, and alcohol. Excise taxes are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly.

An excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and make up a relatively small and volatile portion of state and local tax collections.