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 15
Page 6
... of Tax Provisions ( Title I of the Bill ) Imposition of the value added tax In general , the bill would impose a VAT on the sale of property and the performance of services in the United States pursuant to a commercial transaction . In ...
... of Tax Provisions ( Title I of the Bill ) Imposition of the value added tax In general , the bill would impose a VAT on the sale of property and the performance of services in the United States pursuant to a commercial transaction . In ...
Page 7
... of the VAT . For instance , the bill would impose a zero tax rate 11 with respect to certain sales of food , housing , and medical care . A zero rating would also be provided for farmers , fishermen , mass transit services , exports ...
... of the VAT . For instance , the bill would impose a zero tax rate 11 with respect to certain sales of food , housing , and medical care . A zero rating would also be provided for farmers , fishermen , mass transit services , exports ...
Page 11
... of in- tangible property to be the taxable performance of a service . Other VAT systems would subject the licensing of intangibles to tax , either by providing a broad definition of taxable services or by spe- cifically including the ...
... of in- tangible property to be the taxable performance of a service . Other VAT systems would subject the licensing of intangibles to tax , either by providing a broad definition of taxable services or by spe- cifically including the ...
Page 12
... of business gifts The gift of business property or services would be a taxable transaction in the amount of the fair market value of the gift . The term " gift " would include property or services transferred in con- nection with ...
... of business gifts The gift of business property or services would be a taxable transaction in the amount of the fair market value of the gift . The term " gift " would include property or services transferred in con- nection with ...
Page 13
... of the VAT with respect to purchases of business property that is used for nonbusiness purposes . Similarly , credits should not be allowed for inputs allocable to nontaxable transac- tions . If property or services are used partly for ...
... of the VAT with respect to purchases of business property that is used for nonbusiness purposes . Similarly , credits should not be allowed for inputs allocable to nontaxable transac- tions . If property or services are used partly for ...
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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