Statutory Guidelines [Appendix A(6) Revenue Procedure 93-34] regarding rules under which a designated settlement fund described in section 468B(d)(2) of the Internal Revenue Code or a qualified settlement fund described in section 1.468B-1 of the Income Tax Regulations will be considered "a party to the suit or agreement" for purposes of section 130.
Georgia Revenue Procedure 93-34 is a crucial directive issued by the Georgia Department of Revenue that outlines the specific guidelines and procedures relating to certain tax matters. This revenue procedure aims to provide clarity and guidance to taxpayers and tax professionals regarding various aspects of taxation within the state of Georgia. The primary focus of Georgia Revenue Procedure 93-34 is to address the treatment of sales and use tax on leased tangible personal property. It offers in-depth instructions on how to determine the tax liability for such leases and provides insight on exemptions, deductions, and additional requirements for compliance. This revenue procedure specifically pertains to transactions involving tangible personal property that is leased or rented within or into Georgia. It outlines the tax ability and exemptions criteria based on the purpose and duration of the lease, along with the applicable tax rates, filing requirements, and reporting obligations for lessors and lessees. Moreover, Georgia Revenue Procedure 93-34 encompasses various scenarios and scenarios, such as conditional sale agreements, installment sales contracts, lease-to-purchase arrangements, and similar transactions involving tangible personal property. It clarifies the tax treatment for each situation, ensuring consistency and fairness in tax administration. While Georgia Revenue Procedure 93-34 primarily addresses sales and use tax on leased tangible personal property, it may include other related topics, such as the imposition of penalties and interests in non-compliance, provisions for audits and appeals, and methods for resolving disputes or requesting guidance from the Georgia Department of Revenue. Different types or revisions of Georgia Revenue Procedure 93-34 may exist to accommodate updates in tax legislation, changes in administrative procedures, or to offer further clarity on specific issues raised by taxpayers. These variations are typically identified by their effective dates or revision numbers, allowing taxpayers to refer to the most recent guidance provided by the Georgia Department of Revenue. In summary, Georgia Revenue Procedure 93-34 is a comprehensive resource that provides detailed guidelines and instructions for determining sales and use tax on leased tangible personal property in Georgia. It ensures compliance, consistency, and fair tax administration, ultimately benefiting both taxpayers and the state's revenue system.
