redlac

U.S. Oil Companies Paid, Collected More in Taxes Than They Made in Profits in 2006

I'm pretty sure the sales tax that they're talking about is not what they collect from customers and pass on to the government, but sales tax that they pay on equipment, etc. that they purchase. Businesses keep track of the sales tax that they charge and pass on, but they do not consider it an expense I don't think or something that they pay.


On Nov 02 04:34 AM grishick wrote:

> What's so surprising? If payroll is a major expense, than the amount
> of income taxes that the employer collects and pays together with
> payroll taxes may easily be more than their profit. If a company
> is just a retailer with a small margin, they would collect more sales
> taxes and VAT than their profit also, especially in Europe.