Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 65 - Sales and Use Tax
Subchapter 19 - Specific Applications and Examples
Part 11 - "F"
Section 710:65-19-103 - Finance charges
Universal Citation: OK Admin Code 710:65-19-103
Current through Vol. 42, No. 1, September 16, 2024
(a) "Gross receipts" or "gross proceeds", as the case may be, does not include finance charges, carrying charges or interest charges on conditional sale contracts or other contracts providing for deferred payments of the purchase price, if the amount of such finance charges, carrying charges or interest is in addition to the usual or established cash selling price, and such amount:
(1) Is segregated on the invoice
or bill of sale, or
(2) Is billed
separately to the customer.
(b) Unless the conditions described in subsection (a) are met, such charges shall be deemed to be part of the gross proceeds or gross receipts for the purpose of computing the tax. [See 68 O.S. § 1352 ]
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