International Fuel Tax Agreement or IFTA was actually an arrangement which came into existence with the purpose of bringing efficiency in the highway system among the member states of Canada and United States of America. The main goal of this agreement is to bring uniformity and effectiveness in the fuel taxation procedures followed by the member states within the IFTA framework. It has laid down certain rules and regulations regarding the taxation of fuels used by various licensees operating within the IFTA jurisdiction. Every licensee is required to report the requisite fuel information at the time of filing taxes, in-accordance with the IFTA guidelines. Fuel tax reporting software is a highly advanced software technology, which enables a licensee to efficiently calculate and report fuel taxes as per IFTA rules. A licensee operating the qualified motor vehicles within the jurisdiction of IFTA member states shall have to report the consumption or purchase of fuel according to the IFTA laws. As per the IFTA â??Article of Agreementâ??, under section R820, motor fuels which are normally subjected to consumption tax shall be taxable unless the licensee provides a proof for the contrary; moreover all the fuel placed in the supply tank of a qualified motor vehicle shall be reported as taxable fuel by the licensee at the time tax return. Fuel tax reporting software maintains all the aforesaid fuel information which is required for the tax reporting purpose. There can be different kinds of fuel like gasoline, special diesel, ethanol, methanol, CNG, LNG, bio-diesel etc, which can be used for consumption by a licensee operating within the IFTA jurisdiction. Thus it is highly difficult to manually maintain the information regarding all these types of fuels, for the purpose of filing taxes. Fuel tax reporting software not only helps a licensee to keep all the records relating to different kinds of fuel, but can also accurately calculate the motor fuel taxes as per the prevailing tax rates, in-accordance with the IFTA guidelines. As per the IFTA â??Procedures Manualâ?? under section P710 there is certain specific information, which is required to be filed under standard tax returns. Out of this specific information, certain relevant motor fuel information is also required. A brief description of this required fuel information is as follows:- · A licensee shall have to report the total number of gallons or liters of motor fuel used while operating the qualified motor vehicles; Fuel information regarding the gallons or liters of motor fuel consumed within each member jurisdiction; Information regarding the tax-paid fuel purchased within each member states. IFTA fuel tax reporting software manages and maintains all such complex information. Maintaining fuel information related to IFTA reporting procedures is a highly tedious task. IFTA fuel tax reporting software is specifically designed to tackle all such information in an extremely convenient manner; moreover this software calculates all the motor fuel taxation in total compliance with the IFTA guidelines. Thus fuel tax reporting software enhances the efficiency of its associated licensees which are operating within the jurisdiction of IFTA member states.
Posts Tagged ‘Methanol’
Fuel Tax Reporting Software – IFTA Fuel Information
December 30th, 2009Fuel Made Of Straw And Wood
December 26th, 2009The race for a new fuel is on. Scientists around the world are testing products of every type in order to create a fuel of the future. What is the latest? How about a product called Bioliq? Bioliq stems from biomass technology, which isn’t new in regards to taking masses of a substance and converting it to energy. But turning those masses into diesel fuel is something that is new. How does it work? To start, all one needs are the agricultural leftovers from farms or even the trees thinned from forests. Once gathered, the straw or wood is put through an intense heating process that changes the product into a new substance. This substance is then converted to fuel. Why is this important? For environmentalists, this means a fuel that doesn’t have to be extracted from a limited supply buried beneath the earth but is created from a renewable byproduct. Still don’t understand how straw becomes fuel? This is how it works. First, the plant material, in the absence of air, is heated to around 500°C, a process known as pyrolysis. This produces a thick oily liquid containing solid particles of coke termed biosyncrude. The biosyncrude is then vaporized by exposing it to a stream of oxygen gas, before being heated at high pressures to a temperature of around 1400°C. known as gasification. This process transforms the liquid biosyncrude into a mixture of carbon monoxide and hydrogen termed syngas. After any impurities are removed from this syngas, it can be catalytically converted into a range of different chemicals and fuels, including methanol, hydrogen and a synthetic version of diesel. Members of the Karlsruhe research center have estimated that their processing could bring the costs of producing liquid biofuels down around $2. 65 per gallon. Bioliq is now taking its first steps towards commercialization. In conjunction with the German process engineering company Lurgi, the construction of a pilot plant based on the bioliq technology should be fully completed in 2012. Once the plant has been built, large amounts of fuel can then be created. The question will then be how best to distribute this new fuel in large scale so that it can effectively compete with fossil fuels. As fossil fuels decrease in supply and increase in price, tax incentives have been discussed as the answer. So what will be the new fuel of the future? It is hard to tell at this point, but many good ideas are being tried and tested, which means hopefully they will soon be available to the whole public for use.
