The application of sales tax in the U.S. and how It differs from Value Added Tax Cenap Ilter and Michael Manahan
By: Ilter, Cenap
.
Contributor(s): Manahan, Michael.
Material type: 
ArticlePublisher: 2021Subject(s): VENTAS | IMPUESTOS | ESTADOS UNIDOS | IMPUESTO SOBRE EL VALOR AÑADIDO | UNION EUROPEA | DERECHO COMPARADO
In:
Journal of Taxation of Investments v. 38, n. 2, Winter 2021, p. 61-74Summary: 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.
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| OP 235/2021/38/2-1 Parsing the final and proposed regulations under Section 163(j) | OP 235/2021/38/2-2 Forget what you know | OP 235/2021/38/2-3 Capital gains harvesting with changing tax rates | OP 235/2021/38/2-4 The application of sales tax in the U.S. and how It differs from Value Added Tax | OP 235/2021/38/2-5 A SALT cap workaround that works? | OP 235/2021/38/3-1 Using a short sales strategy to increase tax efficiency in a taxable stock portfolio | OP 235/2021/38/3-2 Section 1061 final regulations on the taxation of carried interest |
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.
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