The Superfund Excise Tax: Back in action has been saved
The Superfund Excise Tax: Back in action
Part of the Tax News & Views podcast series
Is your company in the business of manufacturing or importing chemicals or chemical substances? In this latest episode, Deloitte Tax leader Carrie Falkenhayn discusses the revitalized Superfund Excise Tax with Deloitte subject-matter specialists SaraBeth Smith and Christina Gong, highlighting what impacted companies and tax leaders need to look out for and how to prepare.
Tax Podcast: The Superfund Excise Tax: Back in action
President Biden’s Infrastructure bill revitalized the long-expired Superfund Excise Tax on chemical sales, which goes into effect July 1. Operating now under a new set of rules, organizations manufacturing or importing certain chemicals now face new tax challenges. In this latest episode, pundits SaraBeth Smith and Christina Gong get into the particularities of the tax, from which new industries are being affected to what steps tax leaders of impacted companies need to take to track transactions of chemicals subject to the tax and stay compliant with new reporting standards.
If company A imports chromium, then uses it to produce and sell ferrochromium, it hits different pieces of the tax, including imports, production, and sales. Company A needs to be able to track the amount of chromium imported and consumed, as well as the tax included in the sale of ferrochromium.
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