olympia
Wholesalers flirting with deadline to get permits
Washington businesses that buy and sell wholesale goods are running out of time to apply for new state-issued permits they need to avoid paying sales taxes.
According to new rules issued by the 2009 Legislature that take effect Jan. 1, taxpayers who do not provide a copy of a reseller permit or other acceptable exemption certificate to wholesalers must pay retail sales tax when buying goods and services for resale.
Businesses that must pay sales tax but don’t receive their permits in time can still deduct it on their tax returns after the sale, according to the Washington state Department of Revenue. But some wholesalers may not sell items at wholesale prices to retailers that don’t hold the required permits.
Businesses that use resale certificates, and qualify for a reseller permit under the new rules can apply for one at dor.wa.gov/resellerpermit or by calling 800-647-7706.
WASHINGTON
Fed chief again vows to keep interest rates at lows
Federal Reserve Chairman Ben Bernanke warned Monday that it’s too soon to know whether the economic recovery will last and again pledged to hold rates at record-low levels for an “extended period.”
The Fed chief’s speech to the Economic Club of Washington made clear he thinks the economy will struggle even as it recovers from the recession. He said the economy confronts “formidable headwinds” — including a weak job market, cautious consumers and tight credit.
Those forces “seem likely to keep the pace of expansion moderate,” he said.
NEW YORK
Home Depot will sell paint, cleaners by Martha Stewart
The Home Depot Inc. will start selling Martha Stewart-branded paint and cleaning products next year in addition to the home decor and closet organization lines announced in September, the nation’s largest home improvement retailer said Monday.
Martha Stewart Living Omnimedia Inc.’s deal with Kmart ends in January. Home Depot said it will start selling the Martha Stewart cleaning products in January, with home decor and closet organization lines to follow. The Martha Stewart paint line, which will replace Home Depot’s line of Ralph Lauren paint, is set to appear in March.
SHANGHAI
China’s auto sales expected to top 13 million for 2009
China’s auto sales shot past the 12 million mark in the January-November period, with sales for all of 2009 expected to exceed 13 million, the official Xinhua News Agency reported Monday, citing industry figures.
The report gave no further details. However, the figures show China maintaining its lead as the world’s biggest auto market amid feeble sales in the U.S., Japan and Europe.
