This will generate additional tax revenue for the government's exchequer by broadening the tax base and ensuring full coverage of all the taxable transactions
in securities market while attracting foreign portfolio investment in the country.
Use tax, the "pay me later" tax, is required to be remitted by the purchaser for taxable transactions
where the seller did not charge sales tax (i.
For example, in certain industries where buyers are reluctant to take over the environmental liabilities of the seller, almost all transactions are structured as taxable transactions
so the seller retains all such liabilities.
355(b)(3)(C) provides that if a corporation becomes a SAG member as a result of one or more taxable transactions
, any trade or business conducted by the corporation (at the time the corporation became a member) will be treated for purposes of Sec.
In Notice 2004-18, the IRS and the Treasury Department acknowledge continuing controversy with taxpayers about the proper treatment of costs facilitating tax-free and taxable transactions
and restructurings that are required to be capitalized under section 263(a) and Treas.
In that instance, they would have to charge VAT themselves and recover the money that way: "When the taxable person has effected onward taxable transactions
in that territory, he no longer has the right to a refund of that VAT under the eighth directive.
2 percent represents an actual decrease in the number of taxable transactions
This is particularly true for taxable transactions
involving a liability that depends on the outcome of a lawsuit or similar event.
Between 1977 and 1997, the percentage of total potentially taxable transactions
that fall within taxed categories fell by only 2 percentage points, from 28 percent to 26 percent.
From an economic point of view, tax law complexity is almost wholly related to tax base questions--that is, questions or uncertainties about the timing or definition of taxable transactions
The department also requires that any person who has or will average at least five taxable transactions
per month must register with the department and remit all taxes due for documents not to be recorded.
The following lists taxable transactions
by thousands for the third quarter of each year.