What did the President’s Advisory Panel on Federal Tax Reform say about the national retail sales tax? Q.What did the President’s Advisory Panel on Federal Tax Reform say about the national retail sales tax? A.Put simply: a nonstarter. Read more about What did the President’s Advisory Panel on Federal Tax Reform say about the national retail sales tax?
What is the difference between a tax-exclusive and tax-inclusive sales tax rate? Q.What is the difference between a tax-exclusive and tax-inclusive sales tax rate? A.It depends on whether the tax is reported relative to the pre-tax or post-tax price. Read more about What is the difference between a tax-exclusive and tax-inclusive sales tax rate?
What is the difference between zero rating and exempting a good in the VAT? Q.What is the difference between zero rating and exempting a good in the VAT? A.For a “zero-rated good,” the government doesn’t tax its sale but allows credits for the value-added tax paid on inputs. If a good or business is “exempt,” the government doesn’t tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it. Read more about What is the difference between zero rating and exempting a good in the VAT?
