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TAX INFORMATION
Due to lack of space the release from the
Tax Commissioner E. P. Mullaney was only
partially printed. For those T7ho have not'
read the information^more of it is printed.
In connectimn vith all of said taxes, the
Act states that same are payable by the
retailer, renderer of services', wholesaler
or exporter, as the case may be. The tax
is to terminate at hhe end of the quarter
during which $3,250,000 has been colldcted.
The Tax is payable at the'end'of each
calendar quarter. However, companies oper
ating on a fiscal'year basis other than
the calendar year, will be dealt with
quarterly on the basis of their own fiscal
year. Companies who keep their books and
pay Federal taxes on an accrual basis will
be dealt With on'that basis, if they so
desire. However, they may provide addi
tional records breaking down their business
on a cash basis, and, if they so desire,
pay tfie tax only on money which has act
ually been received.
The tax is to be collected by the Depart
ment of Taxation. Appropriate forms for
making quarterly tax returns rill be
provided by the Tax Commissioner and will
be available before the end of the current
quarter. Although the tax shall be pay-'
able at the end of each calendar cuarter,
it shall not bee one delinquent until one
month after expiration of the immediately
preceding quarter, beyond which time it
shall be delinquent. Penalties for
delinquency are provided in the Act; also
interest at the’rate of 6$ per annum from
date until paidi Violations are defined
as misdemeanors.
The principal Question raised by business
concerns is: "May the tax be passed on?"
There is nothing in the Act which prohibits
Concerns from passing on the tax to the'
consumers. In this connection, however,
prices cannot be changed in violation of
OPA ceilings. However, the OPA will allow t
the tax to be collected as a tax and so
designated at the tine of the transaction.
This means that invoices 3 hould show the
prices charged for the merchandise and
then show 1$ of same as a sopa.rate Item
marked "Veterans Tax". Cash transactions
which might or might not involve sales
slips should be treated in the same manner.
It must be emphasized that the OPA will
not allow any additions Over ceilings in
excess of 1$. Therefore, tho tax on sales
under 50(* cannot be passed on and the
merchant must absorb same in such cases,
However, tho breakage point on a pewy :ir
thc halfway point. Accordingly, sale- uf.
50^ to $1.49, inclusive, would carry
Iff tax, nd so on according to tho size of
the transaction. It must be remembered'
that this'is not a consumers* sales tax
Therefore, no sales tokens representing
fractions of a cent are to be made avail
able to or collected from consumers, p.ll