PERCENT EXCISE Meaning and
Definition
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Percent excise refers to a type of tax imposed on the sale of specific goods or services, calculated as a percentage of the product's sale price. The tax is typically levied on items considered to be non-essential or harmful, such as alcohol, tobacco, or luxury items. This tax is distinct from other taxes, such as income or sales tax, as it specifically targets certain goods or services rather than the individual or transaction as a whole.
The percent excise is determined based on a predetermined rate decided by a governing body, such as a government or legislative authority. It is meant to serve multiple purposes, including generating revenue for the government, discouraging excessive consumption of certain goods, and promoting public health or welfare by reducing the consumption of harmful substances.
The percent excise is often included in the price of the goods or services and collected by the seller at the point of sale. The amount collected is then remitted to the government. The rate of percent excise can vary across different jurisdictions or countries, and it may change over time to reflect changes in government policy, societal needs, or economic factors.
Overall, the percent excise is a specific type of tax that is applied as a percentage of the sale price of certain goods or services, with the intent of generating revenue and discouraging consumption of potentially harmful or non-essential items.
Common Misspellings for PERCENT EXCISE
- oercent excise
- lercent excise
- 0ercent excise
- pwrcent excise
- psrcent excise
- pdrcent excise
- prrcent excise
- p4rcent excise
- p3rcent excise
- peecent excise
- pedcent excise
- pefcent excise
- petcent excise
- pe5cent excise
- pe4cent excise
- perxent excise
- pervent excise
- perfent excise
- perdent excise
- percwnt excise
Etymology of PERCENT EXCISE
The word "percent" is derived from the Latin phrase "per centum", which translates to "by the hundred". The term "excise" comes from the Latin word "excisus", which means "cut out".
Etymologically, "percent excise" refers to a tax or duty levied on specific goods or commodities. The "percent" component signifies the rate or proportion of the tax, usually calculated as a percentage, while "excise" indicates the type of tax imposed on the production, sale, or consumption of certain goods.
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