58.1-622 - Discount. - Virginia Statutes

§ 58.1-622. Discount.

For the purpose of compensating a dealer holding a certificate ofregistration under § 58.1-613 for accounting for and remitting the tax leviedby this chapter, such dealer shall be allowed the following percentages ofthe first three percent of the tax levied by §§ 58.1-603 and 58.1-604 andaccounted for in the form of a deduction in submitting his return and payingthe amount due by him if the amount due was not delinquent at the time ofpayment.

    Monthly Taxable Sales                             Percentage
    $ 0 to $62,500                                        4%
    $ 62,501 to $208,000                                  3%
    $ 208,001 and above                                   2%

The discount allowed by this section shall be computed according to theschedule provided, regardless of the number of certificates of registrationheld by a dealer.

(Code 1950, § 58.441.25; 1966, c. 151; 1984, c. 675; 1986, Sp. Sess., c. 12;1989, c. 469; 2008, c. 488.)