Mississippi Administrative Code
Title 35 - Department of Revenue
Part 4 - Sales and Use Tax
Subpart 01 - Administrative
Chapter 05 - Taxpayer Discount
Section 35-4-01-05-101
Universal Citation: MS Code of Rules 35-4-01-05-101
Current through September 24, 2024
For prompt filing and payment of all taxes due, certain taxpayers are allowed a 2% discount of the tax liability subject to the following limitations
1. It shall not exceed $50.00 per calendar reporting period (monthly, quarterly, or annually), per permit location on each sales tax return and on each use tax return.
2. Total shall not exceed $600.00 per permit location per calendar year.
3. The discount is not available to:
a. Contractors
b. County or State agencies serving as
collectors of sales or use tax
c.
Public utilities
d. Wholesalers
collecting the wholesale rates of tax which are equal to or greater than the
tax rate applicable to retail sales of the same property or service.
e. Any person failing to file by the 20
th day following the reporting period.
The granting of extensions of time does not extend the period for claiming the
discount. An authorized extension avoids imposition of penalty and interest on
returns filed by the extended due date, but the discount is confined by Statute
to returns filed within twenty (20) days after the reporting period only.
f. Any person found deficient in
the payment of his liability for any period. When a deficiency assessment
amounts only to a very small percentage of the total tax paid, approval may be
given to allow the discount.
Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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