[teiforex]

What is the difference between sales tax and commercial tax?

[orca17]

From the Department of Taxation:


The Commerce Tax is an annual tax passed by the Nevada Legislature during the 2015 Legislative Session. The tax is imposed on businesses with a Nevada gross revenue exceeding $4,000,000 in the taxable year.

The Commerce Tax return is due 45 days following the end of the fiscal year (June 30). If the 45th day falls on a weekend or holiday, the return is due on the next business day.

Sales tax is imposed on individual items at the time when they are purchased, except for items exempted by state law (such as food items), and sales to entities that are deemed sales tax exempt. The collections are submitted to the Department of Taxation annually by the entities that collect them.

[wpcoe]

Originally Posted by orca17

From the Department of Taxation:
...

The collections are submitted to the Department of Taxation annually by the entities that collect them.

Surely "annually" in that context doesn't mean "once per year," does it? That would mean every retailer, for example, gets to hold on to sales tax moneys for up to a year before submitting them to the DoT?

[airics]

Originally Posted by wpcoe

Surely "annually" in that context doesn't mean "once per year," does it? That would mean every retailer, for example, gets to hold on to sales tax moneys for up to a year before submitting them to the DoT?

No to begin, you estimate you’re sales. A business is going to know if they do that much in sales.

Sales tax is paid monthly or quarterly