(A) Every seller shall, on or before the last day of the month following the end of each calendar quarter (in the months of April, July, October, and January) make a return to the Administrator, on forms provided by the city, specifying the total sales subject to this subchapter and the amount of tax collected under this subchapter. The seller may request, or the city may establish, shorter reporting periods for any seller if the seller or city deems it necessary in order to ensure collection of the tax, and the city may require further information in the return relevant to payment of the tax. A return shall not be considered filed until it is actually received by the Administrator.
(B) At the time the return is filed, the full amount of the tax collected shall be remitted to the city.
(C) Payments shall be applied in the order of the oldest liability first, with the payment credited first toward any accrued penalty, then to interest, then to the underlying tax until the payment is exhausted. Crediting of a payment toward a specific reporting period will be first applied against any accrued penalty, then to interest, then to the underlying tax. If the Administrator, in his or her sole discretion, determines that an alternative order of payment application would be in the best interest of the city in a particular tax or factual situation, the Administrator may order such a change. The Administrator may establish shorter reporting periods for any seller if the Administrator deems it necessary in order to ensure collection of the tax. The Administrator also may require additional information in the return relevant to payment of the liability. When a shorter return period is required, penalties and interest shall be computed according to the shorter return period. Returns and payments are due immediately upon cessation of business for any reason. All taxes collected by sellers pursuant to this chapter shall be held in trust for the account of the city until payment is made to the city. A separate trust bank account is not required in order to comply with this provision.
(D) Every seller required to remit the tax imposed in this subchapter shall be entitled to retain 5% of all taxes due to defray the costs of bookkeeping and remittance.
(E) Every seller must keep and preserve, in an accounting format established by the Administrator, records of all sales made by the dispensary and such other books or accounts as may be required by the Administrator for a period of three years, or until all taxes associated with the sales have been paid, whichever is longer. The city shall have the right to inspect all such records at all reasonable times.
(Prior Code, § 34.14)