Search results
Results from the WOW.Com Content Network
All states exempt from sales or use tax purchases of goods made for resale in the same form. [27] In many states, resale includes rental of the purchased property. Where the purchased property is not exactly the property resold, the purchase may be taxable. Further, use of the property before sale may defeat the resale exemption. [28]
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.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
As states get less and less money from their tax bases, there is more pressure than ever to begin to take a piece of e-commerce sales. That could turn Amazon (AMZN) and Ebay (EBAY) into tax ...
eBay announced on Dec. 20 that the online marketplace will be required to collect Social Security numbers -- or Individual Tax Identification numbers -- from all sellers who sell product (over the...
Internet sales tax is a hot button in many state legislatures that are attempting to find ways to balance recession-depleted budgets by raking in the sales tax revenue. At the center of this is ...
Quill Corp. v. North Dakota, 504 U.S. 298 (1992), was a United States Supreme Court ruling, since overturned, concerning use tax.The decision effectively prevented states from collecting any sales tax from retail purchases made over the Internet or other e-Commerce route unless the seller had a physical presence in the state.
Use tax may be applied to purchases from out-of-state vendors that are not required to collect tax on their sales within the state. The use tax imposes a compensating tax equal in amount to the sales tax that would have been imposed on the sale of the property, if the sale had occurred within the state's taxing jurisdiction. [3]