Excise refers to a type of tax imposed on specific goods or activities, typically on the production, sale, or use of certain commodities or services. Unlike sales tax, which is generally applied at the point of sale, excise taxes are often levied directly on the manufacturer, importer, or seller of the goods or services. Excise taxes are commonly imposed on items such as alcohol, tobacco, gasoline, and luxury goods. The purpose of excise taxes is to raise revenue for the government and to discourage the consumption or use of certain products deemed to have negative social or health consequences.
A tax levied on certain goods and commodities produced or sold within a country and on licenses granted for certain activities.
n. a tax upon manufacture, sale or for a business license or charter, as distinguished from a tax on real property, income or estates. Sometimes it is redundantly called an excise tax.
- A tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country).
- To impose an excise tax on something.
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This glossary post was last updated: 29th March 2024.
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