Get the free Quarterly Petroleum Business Tax Return - tax ny

This document is used by retailers of heating oil and distributors of kero-jet fuel to report their quarterly petroleum business tax liabilities in New York State.

How to fill out quarterly petroleum business tax

How to fill out Quarterly Petroleum Business Tax Return

1. Obtain the Quarterly Petroleum Business Tax Return form from your state's tax authority website.
2. Fill in your business information, including name, address, and taxpayer identification number.
3. Report your total taxable sales of petroleum products for the quarter in the appropriate section.
4. Calculate the tax due by applying the applicable tax rate to your total taxable sales.
5. Include any tax credits or deductions in the designated sections.
6. Review your calculations to ensure accuracy.
7. Sign and date the form to certify that the information provided is true and correct.
8. Submit the completed form by the deadline set by your state’s tax authority, along with any payment due.

Who needs Quarterly Petroleum Business Tax Return?

1. Businesses engaged in the sale of petroleum products, including fuel wholesalers, retailers, and distributors.
2. Any entity that meets the state’s criteria for having a taxable presence in the petroleum industry.
3. Companies that are obligated to report and remit taxes on petroleum products sold or distributed within the jurisdiction.

People Also Ask about

What is the petroleum business tax in NY?

The petroleum business tax decreased 0.3 cpg to 17.4 cpg for gasoline and decreased 0.3 cpg to 15.65 cpg for diesel on 1/1/2020. The state imposes an 8 cpg motor and diesel fuel excise tax, with an additional . 05 cpg petroleum testing fee on gasoline only.

How much is the petroleum testing fee in NY?

motor fuel excise tax (8 cents) and petroleum testing fee (0.05 cents)—8.05 cents; CNG and E85—0.05 cents; highway diesel motor fuel—8.0 cents; highway B20—6.4 cents; and.

What is petroleum excise tax?

A fuel tax (also known as a petrol, gasoline or gas tax, or as a fuel duty) is an excise tax imposed on the sale of fuel. In most countries the fuel tax is imposed on fuels which are intended for transportation.

What is the petroleum profit tax?

The Petroleum Profit Tax is a tax levied by the Nigerian government specifically on companies involved in upstream petroleum operations, which include the exploration, production, and initial transportation/sale of crude oil and natural gas within the country. It is governed by the Petroleum Profit Tax Act (PPTA).

What is the petroleum tax in the US?

The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. Proceeds from the tax partly support the Highway Trust Fund.

For pdfFiller’s FAQs

What is Quarterly Petroleum Business Tax Return?

The Quarterly Petroleum Business Tax Return is a tax document that businesses engaged in the petroleum industry are required to file on a quarterly basis, reporting their petroleum production and the corresponding taxes owed to the government.

Who is required to file Quarterly Petroleum Business Tax Return?

Businesses and entities that extract, produce, or sell petroleum products and are subject to petroleum business taxes are required to file the Quarterly Petroleum Business Tax Return.

How to fill out Quarterly Petroleum Business Tax Return?

To fill out the Quarterly Petroleum Business Tax Return, follow the guidelines provided by the tax authority, gather the required financial data related to petroleum production and sales, complete the form accurately, and submit it along with any taxes owed by the due date.

What is the purpose of Quarterly Petroleum Business Tax Return?

The purpose of the Quarterly Petroleum Business Tax Return is to report and calculate the taxes owed on petroleum production and sales, ensuring compliance with tax laws and facilitating the government’s ability to collect revenue from the petroleum industry.

What information must be reported on Quarterly Petroleum Business Tax Return?

The information that must be reported on the Quarterly Petroleum Business Tax Return includes details about the quantity of petroleum produced, sales figures, any exemptions claimed, and the total tax liability calculated for the quarter.