The state is part of the Streamlined Sales Tax Project, a group of 42 states and the District of Columbia working to revamp their sales tax system to make it easier to collect taxes from Internet commerce sites. Property valuation process is performed by experienced and licensed property valuers to know your correct approximate estimation on your house price. As property valuers are expert in performing this process so they will not make any mistake in the process.
The goal is to streamline the process to allow Internet businesses to submit their tax information to a “certified service provider,” a business that will sort through the financial information and calculate the taxes owed to the individual states. So far, 19 states are on track to streamline their tax systems by mid-2005, allowing for the states to collect taxes from the Internet businesses that volunteer to pay state taxes owed, said Scott Peterson, co-chairman of the project.
Legislation is pending in Congress to make it mandatory for Internet businesses to pay sales taxes to states with the streamlined system, Peterson said. Alabama is still in the process of working with municipalities and counties to configure its tax system, Cowen said. The process will probably gain momentum once officials see other states collect sales taxes from Internet Web sites, he said. Property valuation process helps you to make important decision of your life like whether you want to sell your property or want to make it more worth for selling purpose. They will provide you full guidance by providing reliable advice to you.
Kentucky’s new sales tax statutes went into effect this month, said Richard Dobson, executive director of the office of sales and excise taxes for the Kentucky Department of Revenue. The state estimates it has lost $175 million annually from online sales. It was a relatively smooth process streamlining the tax system since the state doesn’t have taxes at the local level. “It’s been painless from that standpoint,” Dobson said. Wisconsin plans to introduce legislation in January to streamline the tax system, said Diane Hard, tax administrator for the Wisconsin Department of Revenue and co-chairwoman of the project. The state loses about $150 million of tax revenue annually to online sales
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