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Federal Excise Tax Definition An excise tax is a tax included in the price of a specific product or good. Commercial truck purchases are assessed a 12 percent tax. This tax is included in the total cost of the product, and is paid by the customer.

IRS Publication 510 on Excise Taxes says that the Federal Excise Tax (FET) is imposed on the ?first retail sale,? meaning the first sale for a purpose other than resale or leasing in a long-term lease, after manufacture, production, or importation.

Since FET is 12% of the retail sales price on a taxable item, it is critical for the seller to be able to accurately determine when the tax is applicable and precisely how much is due.

Federal Excise Tax (FET) ? a tax imposed on premium payments to offshore insurers: 4 percent on direct premiums and 1 percent on reinsurance premiums. It was once relaxed for premium payments to most offshore insurers/reinsurers in Barbados and Bermuda, but not for long.

Federal excise tax (?FET?) is imposed on the first retail sale of certain heavy vehicles, such as trucks, trailers, and highway tractors.

March 10, 2022. It can be difficult for organizations to determine what is or isn't taxed under federal excise tax (FET).

The Federal Excise Tax (FET) is a tax on tires that the manufacturer pays and then passes the charge down the supply chain and the consumer ultimately ends up paying for it in the end. The tax is not remitted by the installer as the tax was already paid to the government by the manufacturer.

Enacted in 1917 to help pay for World War I, the Federal Excise Tax (FET) on heavy duty trucks is the highest tax Congress has imposed on any product. The Federal Excise Tax (FET), first enacted in 1917 to help pay for World War I, is a 12% excise tax on the sale of most new heavy-duty trucks that remains to this day.

The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. Unpaid tax can become a lien on the transferred property. REET also applies to transfers of controlling interest (50% or more) in entities that own real property in the state.

The truck excise tax, which is nominally 12% of the sales price, is triggered by an event such as the first sale or use of a taxable vehicle. The tax is destined for the Federal Highway Trust Fund and can be paid by the truck retailer or purchaser, but is generally collected and remitted by the seller.