There certainly is nothing fun about paying taxes, but there is a lot that we don’t seem to know when it comes to paying tariffs or tariffs in general. The government of a particular country designs a tariff structure suitable to that considering country after looking in to a range of affecting factors. And these may vary from one country to another. However, how they operate and put in to action, are rather similar regardless of the nation. So here are some interesting fun facts on tariff with regards to America.
It has been recorded in the year 2013, the Inland Revenue of America had received 145 million individual income US tax for expats in Hong Kong. And based on calculations if each of these individual returns were to be processed within a minute then it would take one person working 24×7 for 27 years to complete them all. That is a whole load of overtime cost to be accounted!
A monument size
Apparently the state tariff code of the states is longer than 70,000 pages and the start for complying these laws and regulations with regards to this has begun since 1913, and is still continuing to add in more clauses and standards to be adhered to. And the collection of all these papers are more than enough to cover the entire outer layer of the Washington Monument. So it is no wonder that it would be safer to have a US tax advisor to calculate your tariffs to amount to the right cost and avoid facing the extreme costs and consequences of not adhering to these.
Reforms more than tigers
It has been recorded that the Inland Revenue issues more than 800 different types of tariff schedules and reforms. And that is higher than the population of Siberian Tigers walking the face of this earth!
Highest tariff rates
It has been found that the great city that never sleeps, which is New York City, has the highest corporate tariff rates in the world. It is up to 46.2% and next in line is Illinois which is of about 42.3%. and both of these rates are greater than the national corporate tariff rates of countries like Japan that charges 41%, France of 34.4%, Sweden 26.3% and finally China that is the least of 25%.
Tariff based on place
In the States, tariffs are charged depending on the area as well. This means the charges of one place may vary completely from that of another. For an example, a person who might be living in Hawaii would be paying almost 50% of his or her income as taxes, if he were to earn $100,000. However, a person living in Indiana earning the same pay, may have to pay an amount that is possibly much lesser than the rate the person in Hawaii might be paying. And so, based on the location as well, tariffs vary.
There might be other interesting things with regards to tariffs charged in other countries. And this is only the States we are talking about. So if you planning on moving to the States, it would be better to be aware of these beforehand.