Doing business with USA member states
in Business, Accounting & Taxes ·
I just launched my own car dealership
I picked up a vehicle in Europe that's part of the VAT system, but because of how it was acquired, I need to apply the special margin taxation scheme.
The sticker price on the car itself is $3,600.
On top of that, I had various transport and logistics costs, which were hit with a 21% tax rate, totaling $135.00.
How exactly does this work when filing my sales tax returns?
Specifically, regarding the car versus those extra overhead costs—am I actually able to claim a credit for the tax paid on those additional expenses?
I picked up a vehicle in Europe that's part of the VAT system, but because of how it was acquired, I need to apply the special margin taxation scheme.
The sticker price on the car itself is $3,600.
On top of that, I had various transport and logistics costs, which were hit with a 21% tax rate, totaling $135.00.
How exactly does this work when filing my sales tax returns?
Specifically, regarding the car versus those extra overhead costs—am I actually able to claim a credit for the tax paid on those additional expenses?