Ilter, Cenap
The application of sales tax in the U.S. and how It differs from Value Added Tax / Cenap Ilter and Michael Manahan .-- , 2021
Disponible también en formato electrónico.
Resumen.
Sales and use tax (SAUT) is assessed in the United States by 45 states. Many other countries including the countries of the European Union assess a value added tax (VAT) instead. In the U.S., the method of treating SAUT when goods are purchased for resale differs from that of a VAT in a way that makes compliance
more diffi cult. SAUT rates differ from state to state, giving rise to a lack of comparability of fi nancial statements for similar businesses operating in different states. In the application of generally accepted accounting principles the amount of SAUT paid is added to the cost of an asset or expense. Doing so misstates the asset or expense value, as the SAUT is not a value-added cost, and hides from users of the fi nancial statements the true cost of taxation to the organization.
VENTAS
IMPUESTOS
ESTADOS UNIDOS
IMPUESTO SOBRE EL VALOR AÑADIDO
UNION EUROPEA
DERECHO COMPARADO
Manahan, Michael
Journal of Taxation of Investments 0747-9115v. 38, n. 2, Winter 2021, p. 61-74
The application of sales tax in the U.S. and how It differs from Value Added Tax / Cenap Ilter and Michael Manahan .-- , 2021
Disponible también en formato electrónico.
Resumen.
Sales and use tax (SAUT) is assessed in the United States by 45 states. Many other countries including the countries of the European Union assess a value added tax (VAT) instead. In the U.S., the method of treating SAUT when goods are purchased for resale differs from that of a VAT in a way that makes compliance
more diffi cult. SAUT rates differ from state to state, giving rise to a lack of comparability of fi nancial statements for similar businesses operating in different states. In the application of generally accepted accounting principles the amount of SAUT paid is added to the cost of an asset or expense. Doing so misstates the asset or expense value, as the SAUT is not a value-added cost, and hides from users of the fi nancial statements the true cost of taxation to the organization.
VENTAS
IMPUESTOS
ESTADOS UNIDOS
IMPUESTO SOBRE EL VALOR AÑADIDO
UNION EUROPEA
DERECHO COMPARADO
Manahan, Michael
Journal of Taxation of Investments 0747-9115v. 38, n. 2, Winter 2021, p. 61-74