Okla. Admin. Code § 710:65-19-105

Current through Vol. 42, No. 3, October 15, 2024

Section 710:65-19-105 - Sales by banks, savings and loan associations, credit unions and other financial institutions

(a) Financial institutions are primarily engaged in providing nontaxable services. Such services include charges to customers for cashier's checks, money orders, traveler's checks, checking accounts and the use of safe deposit boxes.

(b) A financial institution shall obtain a sales tax permit and regularly file sales and use tax returns if it regularly has taxable gross receipts. Taxable gross receipts include sales of the following:

(1) Coin savings banks.

(2) Commemorative medals unless made from a precious metal that is in such a state or condition that its value depends upon its precious metal content and not its form.

(3) Collectors' coins or currency sold above face value which do not meet the requirements for exemption pursuant to OAC 710:65-13-95.

(4) Repossessed assets.

(5) Meals and beverages in the institution's cafeteria.

(6) Charges for providing parking space for motor vehicles.

(c) Financial institutions who only occasionally make sales of tangible personal property need not obtain a sales tax permit but must collect, report and remit sales tax on all sales of tangible personal property.

Okla. Admin. Code § 710:65-19-105

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015