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 |
From inside the book
Results 1-5 of 8
Page 6
... production and distribution , including the retail stage . Each taxable person in the production and distri- bution chain would receive a credit for the VAT previously paid by its suppliers on its purchases of goods and services in ...
... production and distribution , including the retail stage . Each taxable person in the production and distri- bution chain would receive a credit for the VAT previously paid by its suppliers on its purchases of goods and services in ...
Page 11
... production of income ( under Code sec . 212 ) would qualify as a business under the bill . However , an activity that is regularly carried on without a profit motive ( for example , a hobby ) would not be subject to the VAT . Other VAT ...
... production of income ( under Code sec . 212 ) would qualify as a business under the bill . However , an activity that is regularly carried on without a profit motive ( for example , a hobby ) would not be subject to the VAT . Other VAT ...
Page 12
... produce . 21 2. Invoice requirement / credit mechanism Under the bill , business purchasers would receive tax credits for ... production and distribution , credits 12 Invoice requirement/credit mechanism Zero-rated items and exemption from.
... produce . 21 2. Invoice requirement / credit mechanism Under the bill , business purchasers would receive tax credits for ... production and distribution , credits 12 Invoice requirement/credit mechanism Zero-rated items and exemption from.
Page 13
... production and distribution , credits would also be provided to all purchasers ( except the final ( nonbusi- ness ) purchaser ( the ultimate consumer ) ) , so the net taxable amount at a particular stage of production or distribution ...
... production and distribution , credits would also be provided to all purchasers ( except the final ( nonbusi- ness ) purchaser ( the ultimate consumer ) ) , so the net taxable amount at a particular stage of production or distribution ...
Page 14
... If the jurisdiction provides VAT relief for clothing but not cotton , either through exemption or through zero rating , the results would be as follows : Supplier : Production stage Gross VAT ........ Credit ......... Net 14.
... If the jurisdiction provides VAT relief for clothing but not cotton , either through exemption or through zero rating , the results would be as follows : Supplier : Production stage Gross VAT ........ Credit ......... Net 14.
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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