Excise Tax Act

The Excise Tax Act is a law that governs taxes on specific goods and services, primarily those considered luxury or harmful, such as alcohol, tobacco, and fuel. It is designed to generate revenue for the government while also influencing consumer behavior and encouraging healthier choices. Essentially, when you buy these products, an excise tax is included in the price, which contributes to public funds. This act outlines how these taxes are applied, collected, and regulated, helping to manage the economic impact of these goods on society.