![]() ![]() ![]() RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium, which includes the additional 1% of the hammer price if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, payable by the purchaser. RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. A Marketplace Facilitator is required to collect sales tax from the buyer and remit such sales tax to the state to which the items are shipped. The sale tax is based on the ship to address. If the item is picked-up from the RIAC facility or shipped to an Illinois address, Illinois sales tax of 8.5% will be collected. ![]() Generally, all items included on the invoice are taxable. To establish a tax free sale, a copy of a valid reseller’s permit or other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC’s satisfaction. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |