excise
/ˈɛk.saɪz/
Definition
A specific type of internal tax imposed by a government on the production, sale, or consumption of certain goods, such as fuel.
Etymology
Derived from the Middle Dutch word 'accijs,' meaning tax or excise, which likely traces back to the Latin 'accensare,' meaning to tax. It entered the English language in the 16th century to specifically denote taxes levied on domestic goods.
In the news
In this article, the term is used to describe a specific tax measure suspended by the Spanish government as part of its policy response to rising energy costs. It highlights how governments target these particular duties to provide relief to citizens during an energy crisis.
Dozens of countries have lowered energy taxes or taken other policy steps in response to Iran war
Read the full article ↗Pew Research Center