Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 210. Retail Sales and Use Tax

23VAC10-210-470. Dealer's records.

Every person who is liable for collection of sales tax or remittance of use tax or both is required to keep and preserve for three years adequate and complete records necessary to determine the amount of tax liability. Such records must include:

a. A daily record of all cash and credit sales, including sales under any type of financing or installment plan in use;

b. A record of the amount of all merchandise purchased, including a bill of lading, invoice, purchase order or other evidence to substantiate each purchase;

c. A record of all deductions and exemptions claimed in filing sales or use tax returns, including exemption and resale certificates, returned or repossessed goods, and bad debts;

d. A record of all tangible property used or consumed in the conduct of the business;

e. A true and complete inventory of the stock on hand and its value, taken at least once each year.

Records must be open for inspection and examination at all reasonable hours of the business day by the Department of Taxation. The dealer may maintain such records on microfilm.

If an assessment has been made and an appeal to the Commissioner or to court is pending, all records relating to the period covered by such assessment must be preserved until the final disposition of the appeal.

Statutory Authority

§§ 58.1-203 and 58.1-633 of the Code of Virginia.

Historical Notes

Derived from VR630-10-30; revised January 1, 1979; amended, eff. January 1, 1985.

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