§ 26-21-108 - Returns and remittance of funds. - Arkansas Statutes

26-21-108. Returns and remittance of funds.

(a) The Director of the Department of Finance and Administration shall promulgate rules to provide:

(1) An alternative method for making payments if an electronic funds transfer fails on its due date; and

(2) A rounding algorithm for sales or use tax computation.

(b) (1) The Department of Finance and Administration shall develop a simplified tax reporting form to be used for all state and local sales and use taxes levied by the Arkansas Gross Receipts Act of 1941, 26-52-101 et seq., and the Arkansas Compensating Tax Act of 1949, 26-53-101 et seq.

(2) The department shall provide a separate reporting form for any other special or miscellaneous excise taxes so as not to violate the agreement.

(3) The department may require additional information returns to be submitted not more frequently than every six (6) months.

(4) The department shall allow a Model 1, Model 2, or Model 3 seller to submit its sales and use tax return in a simplified format.

(c) The department shall allow a seller to elect to compute the sales or use tax due on a transaction on an item or an invoice basis and shall allow the rounding rule to be applied to the aggregated state and local sales or use taxes.