Manufacturers, distributors and other businesses receive exemptions for certain purchases. When a seller does not collect the sales tax from the purchaser, the purchaser is required to pay a use tax on the purchase unless the use of the property is exempt. Tangible personal property unless the retail sales or leases are specifically exempt by law. A seller is subject to a sales tax imposed on gross receipts derived from retail sales or leases of taxable The sales and use tax is 5.3 percent, of which the state returns 1 percent to the localities. For most businesses the unemployment insurance tax rates range from 0.29 percent to 6.39 percent of the first $8,000 that each employee earns each year.įor more information, contact the Virginia Employment Commission at 70. Employers are responsible for timely payment and filing of their incurred withholding liability.įor more information contact the Virginia Department of Taxation at (804) 367-8031 or Click Here.Įmployers with three or more employees regularly in service in the same business in Virginia must purchase and maintain workers' compensation insurance with a private insurance carrier, have a certificate of self-insurance issued by the Virginia Workers' Compensation Commission, or be a member of a licensed group self-insurance association.įor more information, contact the Virginia Workers' Compensation Commission at 87.Įmployers must pay unemployment insurance tax if they employ one or more persons for 20 or more weeks during a calendar year, or if they wages of $1,500 or more during any calendar quarter. If required to file withholding returns, an employer must register for withholding tax, file income tax withholding returns and pay the income tax to the Virginia Department of Taxation. If federal law requires an employer to hold tax from any payment, Virginia also requires withholding. Non-stock corporations organized after 1970 pay $25.Ĭontact the Virginia State Corporation Commission at 80 for more information. The fee ranges from $100 to $1,700, depending on how many shares the corporation has. Annual Corporate Registration FeeĪll corporations authorized to transact business in Virginia must pay an annual registration fee. Virginia allows the following TAX CREDITS against the corporate income tax:įor more information contact the Virginia Department of Taxation at (804) 367-8031 or Click Here. For most corporations, taxable income is determined by a three-part formula based on sales, payroll and property factors. The Virginia corporate income tax rate is 6 percent of taxable corporate income. Prior to 1972, the income tax rate remained the same for 25 years. The state has not raised its corporate income tax rate since 1972. Virginia has a fair tax structure, with all companies paying the same taxes regardless of location of incorporation.
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