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Understanding Revenues for Taxation and Compliance

Learn about the various types of taxes and fees, revenue stamps, and tax obligations to ensure proper compliance and understanding of fiscal responsibilities.

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Understanding Revenues for Taxation and Compliance

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  1. What are Revenues? PURPOSE 1. Pay a tax or not 2. Pay a fee for service 3. Show a credit 4. Occupational Taxes 5. Insure that proper tax will be paid

  2. Pay a Documentary Tax • First Issue • Paying the 5¢ certificate rate on a drawback certificate

  3. Pay a Specified Documentary Tax • Future Delivery (futures contracts) • Stock Transfer (for use on the stock exchanges) • Silver Tax (50% of the profit from an investment in silver)

  4. Pay a Documentary Tax • Stamp imprinted by the American Photo-type Co. • 2¢ tax on bank check • Payee is the patentee of the phototype process

  5. Pay an Excise Tax • General tax on consumable goods, such as chewing gum, soap, tooth paste or powder, and patent medicines • Note the advertising value of the company name

  6. Pay the Tax on Matches,Medicine, or Perfume • Private die proprietary stamps, printed to the company specifications • Symbols and portraits have marketing value

  7. Pay the Tax ona Pack of Playing Cards • In 1917 the tax was raised to 7¢ and the companies added the new rate as part of their cancels • Later the stamps were denominated “One Pack”

  8. Pay the Excise Tax on Beer • Alcoholic Beverages are a favorite object of taxation • 1866, the first revenue stamps printed by the Bureau of Engraving and Printing

  9. Pay the Excise Tax on Wine • The tax on wine depends upon the alcoholic content and whether it is a still or sparkling wine • Early wine stamps cancelled by R.H. Macy (the miracle on 34th Street)

  10. Pay the Excise Taxon Distilled Spirits • Before 1950 the stamps were denominated in gallons • In the early 1950's stamps were denominated in dollars and cents

  11. Pay the Excise Taxon Cigarettes and Cigars • Standard cigarettes (Class A) and heavier cigarettes (Class B) • Small cigars • Standard size cigars taxed by their retail price (Classes A - G)

  12. Pay the Excise Tax on Snuff,Chewing, and Smoking Tobacco • Stamps are denominated by weight • Stamp format is based on packaging considerations

  13. Pay the Excise Tax on Oleomargarine • In 1886 the tax was 4¢ per pound • Purpose was to prevent fraud of moving oleomargarine into empty butter firkins!

  14. Pay the Excise Tax onMixed Flour • Corn meal was being deceptively added to flour • Like oleomargarine, this tax was to prevent fraud • Law also required that this be called Mixed Flour

  15. Pay the Excise Taxon Medicinal Narcotic • Tax was 1¢ per ounce • Company produced provisional less than a month after the effective date of the tax

  16. No Tax Paid on Beer • By 1872 brewers were permitted to move beer from the brewery to a (bonded) warehouse without paying the tax • Keg with this stamp better not be found in a saloon!

  17. Beer for Export — No Tax Paid • Another legitimate reason for not paying the tax – the product was being exported

  18. Tax Obligations Settled • Baggage inspected • If dutiable or taxable items were declared or found, the import duties and internal revenue taxes have been paid.

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