Excise duty
Excise duty is a tax on some types of goods such as alcohol, cigarettes, or petrol paid to a national or state government [Cambridge Online Dictionary].
An excise tax is a legislated tax on specific goods or services at purchase, such as fuel, tobacco, and alcohol. Excise taxes are international taxes imposed within a government infrastructure rather than international taxes imposed across country borders. A federal excise tax is usually collected from motor fuel sales, airline tickets, tobacco, and other goods and services.
Excise taxes are primarily for businesses. Merchants pay many of them, who then pass the tax on to consumers through higher prices. Merchants pay excise taxes to wholesalers and consider them in product pricing, increasing the retail price overall. As such, consumers may or may not see the cost of most excise taxes directly. But some excise taxes are paid directly by consumers, including property taxes and levies on certain retirement account activities. Federal, state, and local governments can institute excise taxes. While income tax is the primary revenue generator for federal and state governments, excise tax revenue also makes up a small portion of total revenue. Excise taxes are primarily business taxes. It is separate from others that corporations must pay, such as income taxes. Businesses charging and receiving excise taxes must file Form 720 Federal Excise Tax Return every quarter and include quarterly payments. Business collectors of excise taxes must also maintain their obligations for passing on excise taxes to state and local governments as required. Merchants may be allowed deductions or credits on their annual income tax returns related to excise tax payments [Investopedia].
Excise duty. Cambridge Online Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/hyperinflation
Excise tax. Investopedia. Retrieved from: https://www.investopedia.com/terms/e/excisetax.asp