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:
“Talk of a divinity in man! Look at the teamster on the highway, wending to market by day or night; does any divinity stir within him? His highest duty to fodder and water his horses! What is his destiny to him compared with the shipping interests?”
—Henry David Thoreau (1817–1862)