Excise
Definition 1 of 3
Pro Tip 1/3
Goods and Services
'Excise' is often tied to specific products like alcohol or tobacco, not all purchases. The government increased the excise on tobacco products.
Pro Tip 2/3
Internal Tax
'Excise' is a tax within a country rather than on goods coming in from abroad. Small businesses sometimes struggle with excise calculations.
Pro Tip 3/3
Government Revenue
'Excise' helps governments to raise revenue, often to fund specific programs. Fuel excise is often used for road maintenance.