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Taxes

excise tax

An excise tax is a tax imposed on the manufacture, sale, or use of goods—such as cigarettes, fuel, or alcohol—or on an occupation—such as a license tax or an attorney occupation tax—or on an activity such as gambling or betting.

Excise taxes may be ad valorem (calculated by percentage) or specific (calculated per unit).

In North Carolina (NC), excise taxes are levied on various goods and activities. For instance, the state imposes an excise tax on cigarettes, which is a specific tax per pack, and on alcoholic beverages, which can be both specific and ad valorem depending on the type of alcohol and quantity. Fuel also carries a specific excise tax per gallon. When it comes to occupations, North Carolina does not currently impose an occupation tax on attorneys or other professions. However, there are privilege license taxes that apply to certain businesses. Gambling activities, including betting, are subject to specific excise taxes, and the state lottery is also taxed. The rates and structures of these taxes are defined by state statutes and can vary, with periodic updates made by the North Carolina General Assembly.

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Taxes

excise tax

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North-Carolina State Code

North-Carolina State Code

Taxes

excise tax

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