Get the free Arkansas Compensating Use Tax Fact Sheet

1RESOLUTION NO. ___2 3A RESOLUTION TO ENCOURAGE THE ARKANSAS CONGRESSIONAL4DELEGATION TO TAKE STEPS TO PERMIT THE APPROPRIATE5COLLECTION OF SALES AND COMPENSATING USE TAX REVENUE6FOR INTERNET SALES

How to fill out arkansas compensating use tax

How to fill out arkansas compensating use tax

1. Obtain the Arkansas compensating use tax form from the Arkansas Department of Finance and Administration website.
2. Fill out the form with your business information, including name, address, and tax identification number.
3. Calculate the total amount of purchases subject to use tax by looking at your out-of-state purchases that were not taxed at the time of purchase.
4. Determine the appropriate tax rate for your purchases based on the location where the items will be used or consumed.
5. Multiply the total amount of purchases subject to use tax by the appropriate tax rate to calculate the total use tax owed.
6. Fill out the form with the total use tax owed and submit it to the Arkansas Department of Finance and Administration along with payment.

Who needs arkansas compensating use tax?

1. Businesses or individuals in Arkansas who have made out-of-state purchases for use in Arkansas that were not subject to sales tax at the time of purchase.

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What is Arkansas compensating use tax?

Arkansas compensating use tax is a tax imposed on the use of tangible personal property in Arkansas when sales tax has not been collected by the seller.

Who is required to file Arkansas compensating use tax?

Individuals and businesses in Arkansas who purchase goods for use and did not pay sales tax at the time of purchase are required to file Arkansas compensating use tax.

How to fill out Arkansas compensating use tax?

To fill out Arkansas compensating use tax, you must complete the appropriate form provided by the Arkansas Department of Finance and Administration, listing all taxable purchases made without payment of sales tax and calculating the total tax owed.

What is the purpose of Arkansas compensating use tax?

The purpose of Arkansas compensating use tax is to ensure that sales tax is collected on goods used in the state, even if the seller does not collect it, thereby protecting local businesses and ensuring fair taxation.

What information must be reported on Arkansas compensating use tax?

The report must include the names and addresses of the purchasers, descriptions of the items purchased, dates of purchase, amounts paid for items, and the calculated tax due.