Description of Tax Bills: S. 353 (educational Savings Bonds); S. 442 (value Added Tax); S. 659, S. 838, S. 849 (estate Freezes); and S. 800 (moratorium on Certain State Tax Laws) : Scheduled for a Hearing Before the Senate Committee on Finance on May 17, 1989U.S. Government Printing Office, 1989 - 35 pages |
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... Administrative provisions IV . DESCRIPTION OF S. 659 , S. 838 , AND S. 849 : ESTATE TAX INCLUSION RELATED TO VALUATION FREEZES ... V. DESCRIPTION OF S. 800 : MORATORIUM ON CERTAIN STATE TAX LAWS ( III ) 32 34 INTRODUCTION The Senate ...
... Administrative provisions IV . DESCRIPTION OF S. 659 , S. 838 , AND S. 849 : ESTATE TAX INCLUSION RELATED TO VALUATION FREEZES ... V. DESCRIPTION OF S. 800 : MORATORIUM ON CERTAIN STATE TAX LAWS ( III ) 32 34 INTRODUCTION The Senate ...
Page 7
... to have an in- voice that indicates the amount of VAT paid . 11 In a zero - rated transaction , a rate of 0 percent is substituted for the normal VAT rate of 5 percent . VAT administrative procedures The " credit - invoice " method 7.
... to have an in- voice that indicates the amount of VAT paid . 11 In a zero - rated transaction , a rate of 0 percent is substituted for the normal VAT rate of 5 percent . VAT administrative procedures The " credit - invoice " method 7.
Page 8
... administrative procedures The " credit - invoice " method The VAT system imposed by the bill would utilize the " credit- invoice " method . Thus , any taxable person engaged in a taxable transaction would be required to give the ...
... administrative procedures The " credit - invoice " method The VAT system imposed by the bill would utilize the " credit- invoice " method . Thus , any taxable person engaged in a taxable transaction would be required to give the ...
Page 10
... Administrative and procedural issues arise as to how the VAT would be collected and reported on such a transaction without affecting its tax - free status under the income tax . 13 Note , however , that the sale of property to a ...
... Administrative and procedural issues arise as to how the VAT would be collected and reported on such a transaction without affecting its tax - free status under the income tax . 13 Note , however , that the sale of property to a ...
Page 11
... administrative difficulties in creating two separate tax regimes ( VAT and income ) for the same fringe benefit . 17 See pp . 25-28 for a discussion of the special rules relating to insurance . 18 See , Duignan , James " Technical ...
... administrative difficulties in creating two separate tax regimes ( VAT and income ) for the same fringe benefit . 17 See pp . 25-28 for a discussion of the special rules relating to insurance . 18 See , Duignan , James " Technical ...
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Common terms and phrases
activities addition amount of VAT bill would provide border tax adjustment calendar quarter claim a credit commercial-type transaction consumer corporation December 31 deposits destination principle determine Educational Savings Bonds EE savings bonds effective date employee estate freeze example exclusion exempt Exon exports fair market value farmers governmental entities grocery store Gross VAT higher education expenses housing impose a VAT intangible property interest Internal Revenue Code Internal Revenue Service legislation nonbusiness real property performance of services plumber preferred stock premiums previously paid primary residence property or services provide a zero provided in regulations rate of tax retail sale of property section 135 seller Series EE savings services provided small businesses stage of production subject to tax tax point taxable amount taxable person taxable transactions taxation taxpayer tion transfer United Value Added Tax VAT credit VAT imposed VAT liability VAT paid VAT system zero rating zero-rated