Except as otherwise specifically provided in this code, there is hereby levied on all vocations, occupations and businesses declared by the general laws of the state to be privileges taxable by municipalities an annual privilege tax in the maximum amount allowed by said state laws. The taxes provided for in the state’s Business Tax Act (Tenn. Code Ann. §§ 67-4-701 et seq. of this chapter) are hereby expressly enacted, ordained and levied on the businesses, business activities, vocations and occupations carried on within the city at the rates and in the manner prescribed by the said Act.
(2011 Code, § 5-301)