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 Form ACD 31094 Taxation and Revenue Department Tax Newmexico 2019-2025

Acd31094 2019-2025 Form

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Instructions and help about new mexico acd 31094

business guide 360 empowering entrepreneurs what is sales tax in New Mexico sales tax in New Mexico is known as the gross receipts tax this tax is applied to the total revenue a business earns from selling goods and services it is important to note that this tax is not a traditional sales tax as it is levied on the seller rather than the buyer the gross receipts tax rate varies depending on the location of the sale municipalities and counties can impose additional tax rates on top of the state rate as of now the base State gross receipts tax rate is 5.125% however local jurisdictions can add their own rates which means the total rate can be higher in different areas businesses in New Mexico are required to register with the New Mexico Taxation and Revenue Department to collect and remit the gross receipts tax this registration process is essential for compliance and can be done online once registered businesses must file regular tax returns typically on a monthly basis depending on the

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