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1. The implicit cost is the cost that is extra to main costs and is usually unrecorded or hidden, such as the cost of the services performed by the owner of a business in managing it. 2. Luxury tax is a special indirect tax on luxuries, i.e. on articles or services that are expensive and not really necessary for normal living, such as a tax on jewellery and non-essential goods. 3. An excise is a type of ad valorem tax that is imposed at the time of purchase of sale transaction or in connection with importation across a political border (tariffs). 4. The tax base may be the purchase price or the declared value. 5. A fuel excise is often used to pay for public transportation and for the protection of the environment. 6. A high alcohol excise is used to discourage alcohol consumption, relative to other goods. 7. You can’t mix oil and water, which are both liquids. 8. In the USA the excise is levied by the city or town where the vehicle is principally garaged and the revenues become part of the local community treasury. 9. An excise at the rate of $25 per one thousand dollars of valuation (effective 1/1/81) is levied on each motor vehicle. 10. Information on the value of the motor vehicle is accessed electronically through a data bank complete with valuation figures. 11. Different sources provide the valuation figures depending on whether the motor vehicle is an automobile, a truck, a motorcycle, or a trailer. 12. Present market value, price paid, or condition are not considered for excise tax purposes. 13. The excise tax law establishes its own formula for valuation for state tax purposes whereby only the manufacture’s list price and the age of the motor vehicle are considered. 14. Every motor vehicle owner must pay an excise tax based on valuation at least ten percent of the manufacture’s list price; thus, owners of vehicles older than 5 years should have a fixed excise tax bill for succeeding years of ownership. 15. If a motor vehicle is registered after the beginning of any calendar year, no excise will be imposed for those months, if any. 16. The annual excise due on cars registered after January 1 will be reduced, therefore, by one twelfth of the full year’s excise for every month prior to the one in which the vehicle was registered. 17. Generally, tax collectors do not accept partial payment of an excise bill. 18. Taxpayers should be prepared to pay the whole amount due. 19. In the USA payment of the motor vehicle excise is due 30 days from the date the excise bill is issued (not mailed, as popularly believed). 20. A person who does not receive a bill is still liable for the excise. 21. If an excise tax is not paid within 30 days from the issue date, the local tax collector will send a demand, with a fee for $5. 22. All interests and penalties should be clearly stated on the bill. 23. Vehicle owners should be aware of the fact that the excise tax law gives tax collectors 6 years from the date the bill was issued to collect an excise tax bill. 24. If the owner of motor vehicle thinks that s/he is entitled to an adjustment of his/her excise bill, it is strongly recommended that s/he pay the bill in full. 25. If the owner moved before the first of the year, s/he must pay the tax to the new community to which the owner moved. 26. It is important to remember that the bill for a vehicle you no longer own should not be ignored. 27. It is best to put all questions in writing and to request a written response so that procedures are clearly defined should additional difficulties arise. Exercise 6
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