Arkansas Purchase Invoice
Description
How to fill out Purchase Invoice?
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FAQ
The Arkansas sales tax is 6.5% of the gross receipts from the sales of tangible personal property and certain selected services.
All remote sellers and marketplace facilitators are required to collect and remit Sales and Use tax to the State of Arkansas if within the current or previous year the sale of tangible personal property, taxable services, a digital code, or specified digital products for delivery into Arkansas exceeded one hundred
On this form, you enter basic vehicle information like the year, make, and model plus the odometer reading, the purchase price, and signatures from both the buyer and the seller. While a bill of sale isn't required for every private party vehicle sale in Arkansas, it's always a good idea to have one.
Nothing in Arkansas law requires an Arkansas seller to collect sales and use taxes for another state. You are encouraged to contact the other states tax department to determine if you have the requirement to collect their taxes.
Whether you use a Bill of Sale or the back of the Title, you should always include both the buyer's and seller's names, addresses and signatures. Also be sure to include the sale date, the VIN number, the vehicle's make, model and year. Finally, note the odometer reading and the price paid.
Some goods are exempt from sales tax under Arkansas law. Examples include prescription drugs, purchases made with food stamps, and some farming equipment.
The basic rule for collecting sales tax from online sales is: If your business has a physical presence, or nexus, in a state, you must collect applicable sales taxes from online customers in that state. If you do not have a physical presence, you generally do not have to collect sales tax for online sales.
Goods that are subject to sales tax in Arkansas include physical property, like furniture, home appliances, and motor vehicles. Arkansas charges a 1.5% reduced rate on the purchase of groceries.
In Arkansas, a bill of sale is required to register any newly purchased boat or vehicle and may need to be notarized. Once the necessary bill of sale has been completed with the buyer and seller's information, both parties must sign the document to officially transfer ownership of the item.
