Nev. Admin. Code § 372A.160 — 372A.160

NAC 372A.160    Payment of tax; monthly return; supporting documentation;
submission of financial statement upon request of Department. ( NRS 360.090 , 372A.050 ,
372A.290 )
1.  Each taxpayer shall, on or before the
last day of the month immediately following each month for which the taxpayer
is subject to the imposition of the excise tax on cannabis, file with the
Department a return on a form prescribed by the Department and remit to the
Department any tax due for the month covered by the return. Each taxpayer shall
file a return even if the taxpayer has no liability for the tax.
2.  Each taxpayer shall pay the excise tax on
cannabis to the Department upon the first sale of cannabis or cannabis products
to a cannabis establishment or consumer.
3.  If a cannabis cultivation facility sells
cannabis to another cannabis cultivation facility and pays to the Department
the excise tax imposed by subsection 1 or 2 of NRS 372A.290 , as applicable, the
excise tax imposed by subsection 1 or 2 of NRS 372A.290 is not required for
any subsequent wholesale sale of that cannabis.
4.  Each taxpayer shall keep all supporting
documentation for verification that the excise tax imposed by subsection 1 or 2
of NRS 372A.290 was paid on the
first wholesale sale of cannabis.
5.  The Department may require a cannabis
establishment to submit a financial statement as determined to be necessary by
the Department to ensure the collection of any taxes which may be owed by the
cannabis establishment.
(Added to NAC by Tax Comm’n by R073-13, eff. 6-23-2014;
A by R108-20, 4-11-2022)