Excise Duty
Excise Duty is a governmental tax meant for producers and manufacturers on certain goods.
Manufacturers are considered to be:
- Entities who manufacture goods themselves
- Entities who pay a fixed salary for other to manufacture these goods
- Entities who outsource manufacturing, but manufacturing takes place from their name
To cover these costs, manufacturer adds them to COGS (costs of goods sold), where the buyer ends up paying for these costs. Thus, it is considered to be an indirect tax.
Read more about this topic: Indirect Tax
Famous quotes containing the word duty:
“The chuck wagon carries the food and utensils for the range kitchen. Man-at-the-pot is the first buckaroo to pick up the coffee pot when out with the chuck wagons. It becomes his duty to pour the coffee for the outfit. “Come and get her before I throw her out” is the time honored mess call.”
—Administration in the State of Neva, U.S. public relief program (1935-1943)