FOLIO Ontology

Use Tax Practice

IRI:
https://folio.openlegalstandard.org/R89cRZ76pRgUnDFBeh5WEj8
Preferred Label Consumption Tax Practice
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Definition

Use Tax Practice refers to the application, administration, and enforcement of taxes on the use, storage, or consumption of goods and services that were not subject to sales tax at the time of purchase. These taxes are designed to complement sales taxes and ensure that all taxable transactions are taxed appropriately, even if the purchase occurs out of state or through an online retailer.

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See Also

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Children 0

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Additional Information

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Description

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Identifier

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Source and Origin

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