EXCISE TAX Definition

EXCISE TAX is a tax imposed by federal, state, and local governments on an act, occupation, privilege, manufacture, sale, or consumption that is not deductible (e.g., tobacco, gasoline and spirits). This term is in increasing usage to describe almost every tax other than income tax and property tax.

Learn new Accounting Terms

INVESTMENT TURNOVER is a profitability measure used to calculate the number of times per year an investment or assets revolve.

COMPLIANCE is following applicable internal control procedures, rules, or laws.

Suggest a Term