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January 18, 2006
News! USA Small Business Internet Sales Tax Exemption
Mandatory collection of internet sales tax from internet retailing looks like becoming law in the USA later this year.
A single bill that supports the collection on Internet sales tax from selling over the internet is being forged, but some important issues have yet to be agreed, such as the exemption limit for small businesses.
A sticking point is whether small businesses should be exempt at all and if they should be exempt, the threshold for exemption. The ultimate decision for setting the threshold exemption will rest on the Small Business Administration (SBA).
So far the sales threshold being talked about is $5 million. Below this limit, small businesses will be exempt from collecting the tax.
There are concerns about the impact on start-up businesses for collecting the Internet Sales Tax. Onther concerns relate to destination sourcing, software for collecting and administering the process and the burden of collection.
The House of Representative looks set to introduce Internet Sales Tax later this year.
David
Small Business Resource
Posted by David at January 18, 2006 2:36 PM
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