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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Page 7
... 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 , interest , and certain transactions with governmental ...
... 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 , interest , and certain transactions with governmental ...
Page 10
... zero rated for purposes of the VAT , as further discussed at pp . 20-21 of this pamphlet . 14 Certain sales of property by a governmental entity or a tax - exempt organization would have a zero rating while other sales would be subject ...
... zero rated for purposes of the VAT , as further discussed at pp . 20-21 of this pamphlet . 14 Certain sales of property by a governmental entity or a tax - exempt organization would have a zero rating while other sales would be subject ...
Page 14
... zero rating or an exemption . There are signif- icant differences in the two alternatives . If a sale is zero rated , the sale is still a taxable transaction , but the rate of tax is zero per- cent . Thus , sellers of zero - rated goods ...
... zero rating or an exemption . There are signif- icant differences in the two alternatives . If a sale is zero rated , the sale is still a taxable transaction , but the rate of tax is zero per- cent . Thus , sellers of zero - rated goods ...
Page 15
... Zero rating 100 100 0 0 100 100 0 0 0 ( 100 ) 0 ( 100 ) 100 0 In the example above , if cotton rather than clothing were the item to which relief was granted , either an exemption or a zero rating would produce the same result , as ...
... Zero rating 100 100 0 0 100 100 0 0 0 ( 100 ) 0 ( 100 ) 100 0 In the example above , if cotton rather than clothing were the item to which relief was granted , either an exemption or a zero rating would produce the same result , as ...
Page 16
... Zero Rating for- No one Manu- facturer Retailer Supplier : Gross VAT ......... 100 100 100 Credit . 0 0 0 Net VAT ... zero rating , the results would be as fol- lows : Exemption for- Production stage No one Manufac- turer Retailer ...
... Zero Rating for- No one Manu- facturer Retailer Supplier : Gross VAT ......... 100 100 100 Credit . 0 0 0 Net VAT ... zero rating , the results would be as fol- lows : Exemption for- Production stage No one Manufac- turer Retailer ...
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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