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An excise is an indirect tax or duty levied on items within a country. It can take several forms: a general sales tax or value added tax, an ad valorem tax on specific goods, or a fixed rate tax on specific goods. Excise duties usually have one of two purposes, either to raise revenue or to discourage particular behaviour. Taxes such as those on fuel, alcohol and tobacco are often justified on both grounds. But theoretical economics suggests that the optimal revenue raising taxes should be levied on items with an inelastic demand, while behaviour altering taxes should be levied where demand is elastic.
Excise taxes can be imposed at the point of production or importation, or at the point of sale. They are usually waived or refunded on goods being exported, so as to encourage exports, though they are often re-imposed by the importing country. Smugglers will seek to obtain items at a point at which they are not taxed and then sell them at price between the pre-tax and post-tax price. They also look to find loopholes, which may exist through importing to different countries, before then exporting to the destination country.
For similar items, excise duties are the same for imported and domestically produced goods; if the tax is different, then there is an explicit or implicit customs duty or tariffA tariff is a tax placed on imported and/or exported goods, sometimes called a customs duty''. A revenue tariff is set with the intent of raising money for the government. A protective tariff usually applied to imported goods, is intended to artificially.
Samuel JohnsonDr Samuel Johnson ( September 18, 1709 December 13, 1784), often referred to simply as Dr Johnson was one of England's greatest literary figures: a critic, poet, essayist, biographer and lexicographer whose bon mots are still frequently quoted in print to's A Dictionary of the English LanguageA Dictionary of the English Language one of the most influential dictionaries in the history of the English language, was prepared by Samuel Johnson and appeared in print in 1755. The dictionary responded to a widely felt need for stability in the languag defined excise in 1755Events January 25 Moscow University established. July 9 French and Indian War: Braddock Expedition British troops and colonial militiamen are ambushed and suffer a devastating defeat inflicted by French and Indian forces. During the battle, British Genera as a hateful tax levied upon commodities....
See also
- Her Majesty's Customs and ExciseIn the UK, Her Majesty's Customs and Excise is a department of the British Government. It is responsible for the collection of Value Added Tax, Customs Duties, Excise Duties, and other indirect taxes such as Air Passenger Duty, Climate Change Levy, Insura
Tax
