Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 115 views

    Excise Tax: Major Classification of Excisable Articles and Related Codal Section

    Uploaded by

    olafed
    Excise tax is a tax imposed on goods produced, sold, or consumed domestically or imported into a country. It is levied on specific goods like alcohol, tobacco, petroleum, automobiles, and other commodities. Excise tax can be either specific, based on quantity or volume, or ad valorem, based on the price of goods. Manufacturers of domestic goods and importers of foreign goods are generally liable to pay excise tax before the goods are removed from production facilities or customs custody. Major excisable goods in the Philippines include alcohol, tobacco, petroleum, automobiles, and non-essential items.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Excise Tax: Major Classification of Excisable Articles and Related Codal Section

    Uploaded by

    olafed
    115 views1 page
    Excise tax is a tax imposed on goods produced, sold, or consumed domestically or imported into a country. It is levied on specific goods like alcohol, tobacco, petroleum, automobiles, and other commodities. Excise tax can be either specific, based on quantity or volume, or ad valorem, based on the price of goods. Manufacturers of domestic goods and importers of foreign goods are generally liable to pay excise tax before the goods are removed from production facilities or customs custody. Major excisable goods in the Philippines include alcohol, tobacco, petroleum, automobiles, and non-essential items.

    Original Title

    Tax

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Excise tax is a tax imposed on goods produced, sold, or consumed domestically or imported into a country. It is levied on specific goods like alcohol, tobacco, petroleum, automobiles, and other commodities. Excise tax can be either specific, based on quantity or volume, or ad valorem, based on the price of goods. Manufacturers of domestic goods and importers of foreign goods are generally liable to pay excise tax before the goods are removed from production facilities or customs custody. Major excisable goods in the Philippines include alcohol, tobacco, petroleum, automobiles, and non-essential items.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    115 views1 page

    Excise Tax: Major Classification of Excisable Articles and Related Codal Section

    Uploaded by

    olafed
    Excise tax is a tax imposed on goods produced, sold, or consumed domestically or imported into a country. It is levied on specific goods like alcohol, tobacco, petroleum, automobiles, and other commodities. Excise tax can be either specific, based on quantity or volume, or ad valorem, based on the price of goods. Manufacturers of domestic goods and importers of foreign goods are generally liable to pay excise tax before the goods are removed from production facilities or customs custody. Major excisable goods in the Philippines include alcohol, tobacco, petroleum, automobiles, and non-essential items.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    BASIC CONCEPT:

    Excise Tax is a tax on the production, sale or


    consumption of a commodity in a country.

    APPLICABILITY:
    EXCISE TAX
    On goods manufactured or produced in the Philippines https://www.bir.gov.ph/index.php/tax-information/excise-tax.html
    for domestic sale or consumption or for any other MAJOR CLASSIFICATION OF EXCISABLE
    disposition; and ARTICLES AND RELATED CODAL SECTION:
    On goods imported. PERSONS LIABLE TO EXCISE TAX:
    1. Alcohol Products (Sections 141-143)
    TYPES OF EXCISE TAX: In General:
    a. Distilled Spirits (Section 141)
    Specific Tax – refers to the excise tax imposed which is b. Wines (Section 142) a. On Domestic or Local Articles
    based on weight or volume capacity or any other c. Fermented Liquors (Section 143)
    physical unit of measurement Manufacturer: Producer
    2. Tobacco Products (Sections 144-146)
    Ad Valorem Tax – refers to the excise tax which is based Owner or person having possession of articles
    on selling price or other specified value of the a. Tobacco Products (Section 144) removed from the place of production without the
    goods/articles b. Cigars & Cigarettes (Section 145) payment of the tax
    c. Inspection Fee (Section 146)
    MANNER OF COMPUTATION:
    b. On Imported Articles
    3. Petroleum Products (Section 148)
    Specific Tax = No. of Units/other measurements x
    Importer: Owner
    Specific Tax Rate 4. Miscellaneous Articles (Section 149-
    150) Person who is found in possession of articles
    Ad Valorem Tax = No. of Units/other measurements x
    which are exempt from excise taxes other than
    Selling Price of any specific value per unit x Ad Valorem a. Automobiles (Section 149) those legally entitled to exemption
    Tax Rate
    b. Non-essential Goods (Section 150)
    Others:
    5. Mineral Products (Sections 151)
    TIME OF PAYMENT:
    On Indigenous Petroleum
    In General
    Local Sale, Barter or Transfer
    On domestic products
    First buyer, purchaser or transferee
    Before removal from the place of
    production Exportation

    On imported products
    Summary Owner, lessee, concessionaire or operator of the
    mining claim
    Before release from the customs' custody

    You might also like