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A tax-free shopping retailer. Tax-free shopping (TFS) is the buying of goods in another country or state and obtaining a refund of the sales tax which has been collected by the retailer on those goods. [1] The sales tax may be variously described as a sales tax, goods and services tax (GST), value added tax (VAT), or consumption tax.
Other taxes may also apply, such as the state's 1% restaurant tax. Many items are exempt from the state sales tax, e.g., food (excluding single serve items), prescription drugs, clothing and footwear (except for individual items priced greater than $250 [186]), newspapers, coffins, and original artwork.
Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...
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For federal income tax, interest income on state and local bonds is exempt, while few states exempt any interest income except from municipalities within that state. In addition, certain types of receipts, such as gifts and inheritances, and certain types of benefits, such as employer-provided health insurance, are excluded from income.
Best Buy has been able to stave off shrink and competition from Amazon with strong customer service support for would-be electronics buyers, analysts say, and that requires well-trained and well ...
The NCPA also raised questions about the amount of tax revenue that would be raised by the Marketplace Fairness Act because a large majority of e-commerce transactions are business-to-business. The research group takes the position that states should enforce use tax laws already on the books without burdening the private sector with the task.
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