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2005 SESSION
053042408Be it enacted by the General Assembly of Virginia:
1. That § 58.1-615 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-615. Returns by dealers.
A. Every dealer required to collect or pay the sales or use tax shall, on or before the twentieth day of the month following the month in which the tax shall become effective, transmit to the Tax Commissioner a return showing the gross sales, gross proceeds, or cost price, as the case may be, arising from all transactions taxable under this chapter during the preceding calendar month, and thereafter a like return shall be prepared and transmitted to the Tax Commissioner by every dealer on or before the twentieth day of each month, for the preceding calendar month. In the case of dealers regularly keeping books and accounts on the basis of an annual period which varies 52 to 53 weeks, the Tax Commissioner may make rules and regulations for reporting consistent with such accounting period.
Notwithstanding any other provision of this chapter, a dealer may be required by the Tax Commissioner to file sales or use tax returns on an accounting period less frequent than monthly when, in the opinion of the Tax Commissioner, the administration of the taxes imposed by this chapter would be enhanced. If a dealer is required to file other than monthly, each such return shall be due on or before the twentieth day of the month following the close of the period. Each such return shall contain all information required for monthly returns.
A sales or use tax return shall be filed by each registered dealer even though the dealer is not liable to remit to the Tax Commissioner any tax for the period covered by the return.
B. 1. In addition to the amounts required under the
provisions of this section and § 58.1-616, any dealer as defined by § 58.1-612
or direct payment permit holder pursuant to § 58.1-624, with taxable sales and
purchases of $1,300,000 or greater for the 12-month period beginning July 1,
and ending June 30 of the immediately preceding calendar year, shall be
required to make a payment equal to 90 percent of the sales and use tax
liability for the previous June. Such tax payments shall be made on or before
the 30th day of June, if payment is made by electronic funds transfer, as
defined in § 58.1-202.1. If payment is made by other than electronic funds
transfer, such payment shall be made on or before the 25th day of June. For
purposes of this provision, taxable sales or purchases shall be computed
without regard to the number of certificates of registration held by the
dealer. Every dealer or direct payment permit holder shall be entitled to a
credit for the payment under this subsection on the return for June of the
current year due July 20. The provisions of this subsection shall not apply to
persons who are required to file only a Form ST-7, Consumer User Tax Return.
2. In lieu of the penalties provided in § 58.1-635,
except with respect to fraudulent returns, failure to make a timely payment or
full payment of the sales and use tax liability as provided in this subsection
shall subject the dealer or direct payment permit holder to a penalty of six
percent of the amount of tax underpayment that should have been properly paid
to the Tax Commissioner. Interest will accrue as provided in § 58.1-15. The
payment required by this subsection shall become delinquent on the first day
following the due date set forth in this subsection if not paid.
C B. Any
return required to be filed with the Tax Commissioner under this section shall
be deemed to have been filed with the Tax Commissioner on the date that such
return is delivered by the dealer to the commissioner of the revenue or the
treasurer for the locality in which the dealer is located and receipt is
acknowledged by the commissioner of the revenue or treasurer. The commissioner
of the revenue or the treasurer shall stamp such date on the return, and shall
mail the return to the Tax Commissioner no later than the following business
day. The commissioner of the revenue or the treasurer may collect from the
dealer the cost of postage for such mailing.
2. That the provisions of this act shall be effective August 1, 2005.