New York Adopts a VAT

INTRODUCTION Virtual intermediaries (enterprises like,[1],[2],[3] and[4]) are having a significant impact on state and local revenues. These enterprises (room remarketers) acquire lodging at steep discounts and then resell the accommodations to the public. When rooms are resold the discount the public receives is more modest. The difference is the intermediary’s profit. Thus, a room listing for $100 per night might be sold to an intermediary for…
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