Form Wv/otp-701 - Tobacco Products Tax Report - West Virginia State Tax Department printable pdf download

WEST VIRGINIA STATE TAX DEPARTMENT

INSTRUCTIONS

WV/OTP-701 - TOBACCO PRODUCTS TAX REPORT

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(DOES NOT INCLUDE CIGARETTES

Tobacco Products other than cigarettes means snuff and chewing tobacco and any other tobacco

product that is intended by the seller to be consumed by means other than smoking and any cigar, pipe

tobacco or other tobacco product other than cigarettes.

COMPLETE REPORT IN BLUE OR BLACK INK ONLY. ALL SELF-GENERATED

REPORTS WILL HAVE TO BE APPROVED PRIOR TO USAGE.

IN-STATE ACCOUNTS ONLY

Line A1. Enter the total gross invoice price* (the price you paid for the product) of all products in

inventory as of the beginning of the period. This should always be the same as the previous month’s

ending inventory.

Line A2. Enter the total gross invoice price of all products purchased during the month. List these

purchases on Schedule C.

Line A3. Enter the total gross invoice price of products available for sale, line A1 plus line A2.

Line A4. Enter the total gross invoice price of all products in inventory at the end of the period.

Line A5. Enter the total gross invoice price of all sales, line A3 minus line A4

Line A6. Enter the total gross invoice price of exports. List these exports on Schedule D.

Line A7. Enter the total gross invoice price of sales into West Virginia, line A5 minus line A6. Transfer

this amount to line B1.

ALL ACCOUNTS

Line B1. Enter the total gross invoice price* (the price you paid for the product) of all sales into West

Virginia. You must keep a copy of invoices, etc. for your records to verify this figure. OUT-OF-STATE

ACCOUNTS MUST SUBMIT COPIES OF EXPORT SCHEDULES FILED WITH THEIR HOME STATE

Line B2. Enter the total gross invoice price* (the price you paid for the product) of returns to you, as the

wholesaler, for credit.

Line B3. Multiply line B2 by 5% and enter on this line for Statutory Deduction. Per Legislative Rule Title

110, Series 17, Tobacco Products Excise Tax, 4.6.4: “Upon the return of tobacco products other than

cigarettes upon which the excise tax was paid, a wholesaler may file an application with an attached

affidavit claiming either a credit or a refund of ninety-five percent of the tax that was paid on those other

tobacco products, less any discount allowed on the original remittance of the Excise Tax.” Your signed

Tobacco Products Tax Report is accepted in lieu of the affidavit and/or a credit application. You are

required to keep records with the information illustrated on Schedule B, to support the credits.

Line B4. Enter the total credit, line B2 minus line B3.

Line B5. Enter the total gross invoice price of taxable sales, line B1 minus line B4.

Line B6. Enter the gross tax due, line B5 X 7%.

Line B7. Multiply line B6, Gross Tax Due by 4% and enter on this line.

Form Wv/otp-701 - Tobacco Products Tax Report - West Virginia State Tax Department