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
... 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 taxable trans- actions . Thus , each taxable ...
... 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 taxable trans- actions . Thus , each taxable ...
Page 13
... retail level , there is no incentive for the final consumer to counter the sellers ' incentive not to report sales since the final consumer does not receive a VAT credit.24 Credits should only be available to businesses when purchases ...
... retail level , there is no incentive for the final consumer to counter the sellers ' incentive not to report sales since the final consumer does not receive a VAT credit.24 Credits should only be available to businesses when purchases ...
Page 15
... retailer , who in turn sells the goods to consumers for $ 1500 . The results of providing a zero rating at various stages of production are as follows . Production stage Zero Rating for- No one Manu- facturer Retailer 15.
... retailer , who in turn sells the goods to consumers for $ 1500 . The results of providing a zero rating at various stages of production are as follows . Production stage Zero Rating for- No one Manu- facturer Retailer 15.
Page 16
... Retailer Supplier : Gross VAT ......... 100 100 100 Credit . 0 0 0 Net VAT ....... 100 100 100 Manufacturer : Gross VAT ...... 120 0 120 Credit ......... ( 100 ) ( 100 ) ( 100 ) Net VAT ...... 20 ( 100 ) 20 Retailer : Gross VAT ...
... Retailer Supplier : Gross VAT ......... 100 100 100 Credit . 0 0 0 Net VAT ....... 100 100 100 Manufacturer : Gross VAT ...... 120 0 120 Credit ......... ( 100 ) ( 100 ) ( 100 ) Net VAT ...... 20 ( 100 ) 20 Retailer : Gross VAT ...
Page 17
... retail sale of food and nonalco- holic beverages for human consumption ( other than consumption on the premises ) would be zero rated . Most VAT systems in other countries provide some sort of relief for purchases of food , generally on ...
... retail sale of food and nonalco- holic beverages for human consumption ( other than consumption on the premises ) would be zero rated . Most VAT systems in other countries provide some sort of relief for purchases of food , generally on ...
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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