Excise Tax Flashcards
taxes on the production sale or consumption of a commodity in a country
excise taxes
2 types of excise taxes
specific tax & ad valorem tax
refers to the excise tax imposed which is based on weight or volume capacity or any other physical unit of measurement
specific tax
refers to the excise tax which is based on the selling price or other specified value of goods/articles
ad valorem tax
what are the major classifications of excisable articles?
- alcohol products
- tobacco products
- petroleum products
- miscellaneous articles
- mineral products
who are required to pay the excise taxes?
on domestic or local articles
- manufacturer/producer/owner of person having possession of articles
on imported articles
- importer/owner/person who is found in possession of articles
on indigenous petroleum
- local sale/barter/transfer
an owner, lessee, concessionaire or operator of the mining claim
exportation
when to file on domestic products?
before removal from the place of production
when to file on imported products?
before release from the custom’s custody
