Exempt property




Certain types of property are commonly granted exemption from property or transaction (such as sales or value added) taxes. These exemptions vary highly from jurisdiction to jurisdiction, and definitions of what property qualifies for exemption can be voluminous.

Among the more commonly granted exemptions are:

  • Property used in manufacture of other goods (which goods may ultimately be taxable)
  • Property used by a tax exempt or other parties for a charitable or other not for profit purpose
  • Property considered a necessity of life, often exempted from sales taxes in the United States
  • Personal residence of the taxpayer, often subject to specific monetary limitations

Comments

Post a Comment

Popular posts from this blog

Exempt income

Most income tax systems exclude certain classes of income from the taxable income base. Such exclusions may be referred to as exclusions or exemptions. Systems vary highly. Among the more commonly excluded items are: Income earned outside the taxing jurisdiction. Such exclusions may be limited in amount. Interest income earned from subsidiary jurisdictions. Income consisting of compensation for loss. The value of property inherited or acquired by gift. Some tax systems specifically exclude from income items that the system is trying to encourage. Such exclusions or exemptions can be quite specific or very general. citation needed Among the types of income that may be included are classes of income earned in specific areas, such as special economic zones, enterprise zones, etc. These exemptions may be limited to specific industries. As an example, India provides SEZs where exporters of goods or providers of services to foreign customers may be exempt from income taxes and customs du...
Read more

Voice Over Ads: How To Make Yours Sound Professional

For those who are in the voice over industry, it is not a matter of whether you are making hundreds of dollars each week but rather how you can get more out of your advertorials. Every advertorial is a sales pitch in one form or another. And every audience is different. In order to be successful with your advertorials you must give your audience specific attention. It means that you have to take care of every single aspect of your advertorial. First of all, the way you project yourself through your voice over is very important. You can be very funny, very dramatic or very serious and formal. But if your voice over talent is to sell something, you need to find a way to project your voice so that it fits the product or service that you're selling. Your voice over talent will determine how well your advertorial sells. Second of all, your advertorial needs to be very targeted. You need to choose your words carefully and make sure that there is direct contact between what you want to s...
Read more

Multi-tier jurisdictions

Many countries that impose tax have subdivisions or subsidiary jurisdictions that also impose tax. This feature is not unique to federal systems, like the U.S., Switzerland and Australia, but rather is a common feature of national systems. The top tier system may impose restrictions on both the ability of the lower tier system to levy tax as well as how certain aspects of such lower tier system work, including the granting of tax exemptions. The restrictions may be imposed directly on the lower jurisdiction's power to levy tax or indirectly by regulating tax effects of the exemption at the upper tier.
Read more