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:
“A song is no song unless the circumstance is free and fine. If a singer sing from a sense of duty or from seeing no way to escape, I had rather have none. Those only can sleep who do not care to sleep; and those only write or speak best who do not too much respect the writing or the speaking.”
—Ralph Waldo Emerson (1803–1882)