As discussed in July’s newsletter, financial institutions are generally thought of as a service industry and services provided by financial institutions are typically not subject to sales taxes in most states. Financial institutions in Minnesota have traditionally had taxable sales in the regular course of business on items like coin sets, gold and silver bullion, premiums such as toasters and blankets, and surplus business equipment. However, a myriad of sales tax issues can arise in the area of repossessed assets and their subsequent sales to customers, in addition to use tax issues on vendor purchases used in the general course of business.
Length: 2 pages (PDF 85 kB)
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