2006 Code of Virginia § 58.1-1021.03 - Monthly return and payments of tax

58.1-1021.03. Monthly return and payments of tax.

A. Every distributor subject to the tax imposed under this article shall filea monthly return no later than the twentieth of each month on a formprescribed by the Department, covering the purchase of tobacco products bysuch distributor during the preceding month, for which tax is imposedpursuant to subsection A of 58.1-1021.02, during the preceding month. Eachreturn shall show the quantity and manufacturer's sales price of each tobaccoproduct (i) brought, or caused to be brought, into the Commonwealth for sale;and (ii) made, manufactured, or fabricated in the Commonwealth for sale inthe Commonwealth during the preceding calendar month. Every licenseddistributor outside the Commonwealth shall in a like manner file a returnshowing the quantity and manufacturer's sales price of each tobacco productshipped or transported to retailers in the Commonwealth to be sold by thoseretailers, during the preceding calendar month. The return shall be made onforms furnished or prescribed by the Department and shall contain or beaccompanied by such further information as the Department shall require. Thedistributor, at the time of filing the return, shall pay to the Departmentthe tax imposed under subsection A of 58.1-1021.02 on the manufacturer'ssales price for each such package of tobacco product purchased in thepreceding month on which tax is due.

B. For the purpose of compensating dealers for accounting for the tax imposedunder this article, a retail dealer or wholesale dealer shall be allowed whenfiling a monthly return and paying the tax to deduct two percent of the taxotherwise due if the amount due was not delinquent at the time of payment.

The Tax Commissioner shall prepare for each fiscal year an estimate of thetotal amount of all discounts allowed to retail or wholesale dealers pursuantto this subsection and such amount shall be taken into consideration inpreparing the official estimate of the total revenues to be collected duringthe fiscal year by the Virginia Health Care Fund established under 32.1-366. Any reduction in funding available for programs financed by theVirginia Health Care Fund as a result of such discounts shall be made up bythe general fund.

(2004, Sp. Sess. I, c. 3; 2005, cc. 71, 925.)