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A privilege tax is a tax levied in exchange for a privilege or license granted to the taxpayer. The fee for registering a motor vehicle is one example of a privilege tax. Many taxes on businesses are characterized as privilege taxes. For example, Arizona's transaction privilege tax is a gross receipts tax on business. In the 1911 case of Flint v
According to the West Virginia State Tax Department, "This tax is imposed on the privilege of engaging in certain business activities." The West Virginia municipal B&O tax is a gross receipts tax, with no deductions whatsoever allowed. Rates vary according to the type of business, and differ from city to city. [8] For example:
Transaction privilege tax (TPT) refers to a gross receipts tax levied by the state of Arizona on certain persons for the privilege of conducting business in the state. TPT differs from the "true" sales tax imposed by many other U.S. states as it is imposed upon the seller or lessor rather than the purchaser or lessee. The seller/lessor may pass ...
Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
A tax-exempt organization is a business entity that does not have to pay federal income taxes. Nonprofits, which reinvest earnings to support their mission, are eligible to receive tax-exempt status.
In the first, a tax imposed by the state of Virginia on American business concerns operating within the state was struck down because it was a business privilege tax imposed on the privilege of doing business in interstate commerce. But then, in the second, Virginia revised the wording of its statute to impose a "franchise tax" on "intangible ...
That Business Privilege Tax rate increased from 4% to 5% effective June 1, 2018. It was originally expected to be changed back to 4% on October 1, 2018, when Guam anticipated enacting a 2% sales and use tax. That bill was repealed, and the expiration of the reduced Business Privilege Tax rate was repealed, leaving the 5% rate in effect.
From January 2008 to May 2012, if you bought shares in companies when Edwin M. Banks joined the board, and sold them when he left, you would have a 15.8 percent return on your investment, compared to a -7.5 percent return from the S&P 500.
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