Excise Equation Bulletin For Free

BASIC CONCEPT: Excise Tax is a tax on the production, sale or consumption of a commodity in a country.

MANNER OF COMPUTATION: Specific Tax = No. of Units/other measurements x Specific Tax Rate. Ad Valorem Tax = No. of Units/other measurements x Selling Price of any specific value per unit x Ad Valorem Tax Rate.

The tax base for excise tax collection in the Philippines is calculated in accordance with proof liter, in accordance with value (from the net retail price), or in accordance with proof liter and value as the case may be, depending on the type and kind of the goods.

Key Takeaways An excise tax is similar to a sales tax, but it's levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.The tax is generally payable by the manufacturer.

No portion of a fee is refundable, but credits toward the registration of another vehicle may be given.

The amount of revenue collected by the government can then be calculated by multiplying the excise tax itself (t) by the quantity of goods that will be produced at this equilibrium (Q).

General fund excise taxes are imposed on many goods and services, the most prominent of which are alcohol, tobacco, and health insurance. Other general fund excise taxes include taxes on local telephone service, vehicles with low-mileage ratings (?gas guzzlers?), ozone-depleting chemicals, and indoor tanning 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.

Personal Property Taxation of Motor Vehicles. A motor vehicle brought into Maine is subject to personal property tax unless the vehicle owner pays excise tax on it in Maine.

Can I deduct any of these? Yes, you can claim a portion of the expenses. Maine is one of the states where you claim personal property tax in lieu of vehicle registration fees. So, you will claim the Excise Taxes you paid to your city or county based on your vehicle's value.