Advertisement

Virginia Tax Bulletin releases information regarding tobacco products tax

Picture of money
Picture of money(AP)
Published: Dec. 1, 2020 at 1:31 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WHSV) — Virginia Tax is notifying taxpayers of changes to the state’s Tobacco Products Tax that was recently enacted by the Virginia General Assembly.

According to a press release from Virginia Tax, heated tobacco products will be taxed at the rate of 2.25 cents per stick for taxable sales or purchases occurring on and after Jan. 1, 2021.

The press release also says the Virginia General Assembly adopted economic nexus for purposes of the Tobacco Products Tax, which will begin on Jan. 1, 2021.

Virginia Tax says distributor shall be deemed to have sufficient activity within the commonwealth to require registration if the distributor receives more than $100,000 in gross revenue from sales of tobacco products in the state in the previous or current calendar year, or engages in 200 or more separate tobacco products sales transactions in the commonwealth in the previous or current calendar year.

To read the full tax bulletin, click here. For more information on new laws and rules, click here.

Copyright 2020 WHSV. All rights reserved.