Okla. Admin. Code § 710:65-1-3

Current through Vol. 42, No. 3, October 15, 2024

Section 710:65-1-3 - Computation of sales and use taxes to be collected and remitted

(a)Determination of tax rate.To determine the amount of tax to be collected and remitted, the gross receipts or gross proceeds of each sale is to be multiplied by the applicable percentage. The applicable percentage shall equal the combination of the state and any applicable municipal and county sales tax rates.

(b)Computation of tax.In computing the tax to be collected or remitted as the result of any transaction, the tax amount must be carried to the third decimal place when the tax amount is expressed in dollars. The tax must be rounded to a whole cent using a method that rounds up to the next cent whenever the third decimal place is greater than four. The vendor or direct payment permit holder may elect to compute the tax due on transactions on an item or invoice basis. [See: 68 O.S.Supp.2003, § 1362(B)]

Added at 21 Ok Reg 2581, eff 6-25-04