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Collecting and managing exemption certificates.(Selected Topic)

Business Credit

| January 01, 2004 | Leonard, Wendy | COPYRIGHT 2004 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Question: Whose job is it to collect sales tax exemption certificates? Intuitively, the tax department should get that job; however, according to industry polls, over 75 percent of companies say the responsibility falls on the credit department. Although exemption certificate management is a small part of a credit manager's job, it consumes large amounts of time to request the certificates, follow up with non-compliant customers and subsequently compile the certificates for upcoming audits. Failing to do this job can prove expensive in an audit, since a missing certificate equates to large assessments as well as penalties and interest. Consider the impact on customer ...

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New policy soon to check exemption certificates misuse.: Magazine article from: Business Recorder February 13, 2006 700+ words
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WHT exemption certificates: withdrawal of commissioners'' powers creates...: Magazine article from: Business Recorder August 23, 2008 700+ words
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Source: HighBeam Research, Collecting and managing exemption certificates.(Selected Topic)