Talon News - Good Local News

By Vangie Neil
Aztec Chamber of Commerce 

DOES YOUR BUSINESS REQUIRE NTTCS?

 


Are you a business that requires NTTCs (Non-Taxable Transaction Certificates)? An NTTC is commonly used to avoid double and triple-charging gross receipts tax (GRT) as a product goes through production or manufacturing or sales.

For example, you could be buying supplies for your company. If you paid tax to your supplier, then charged tax again to a customer who paid for your product or item, the GRT would have been collected twice. If you do and cannot prove that no tax was owed, you may be liable for the uncollected amount. You may even be accepting official documents from customers stamped by the State of New Mexico saying that they didn’t have to pay tax.

Go to the following web link to learn more:

http://financenewmexico.org/articles/general-business-advice/mind-nttcs-avoid-penalties-verify-document-accuracy/

 

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