VATupdate

IRS issues SCET guidance just before July 1 effective date

In the 10 days before the July 1 effective date of the reinstated Superfund Chemical Excise Taxes (SCET), the IRS issued informal guidance in the form of frequently asked questions (FAQs) and a rate table for taxable substances. The IRS followed with a revenue procedure setting forth the procedures for requesting a determination that a substance should be added to or removed from the list of taxable substances under the SCET, among other related matters.

Source PwC

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