Reports and Reconciliation Regarding Gross Gaming Revenue Tax

(1) On or before the 15th calendar day of each month, the gaming licensee shall file a monthly gross gaming revenue report with the commission, in a format acceptable to the commission, which shall reflect the amount of gross gaming revenue actually derived on a daily basis during the preceding month, the amount of daily tax deposits required for that month, the amount of gross gaming revenue derived during the year to the end of the preceding month, and the tax liability for the year calculated to the end of the preceding month. In the event that the commission determines the total amount of gross gaming revenue tax deposits made for the month to be less than the daily gaming revenue tax liability for that month, the commission will invoice the gaming licencee the amount due based on the true up from the daily deposits from the succeeding month. In the event that the commission determines the total amount of the deposit made by the gaming licensee for the month to be greater than the gross gaming revenue tax liability due, the commission will refund the gaming licensee the amount due based on the true up from the daily deposits from the succeeding month. Nothing in 205 CMR 140.04(1) shall limit any authority of the commission to determine the insufficiency of any gross revenue tax deposit or deposits, to require payments of penalties and interest, or to allow or disallow any claim for refund due to overpayment as may be determined by the commission pursuant to any audits performed for the verification of gross gaming revenues. (2) Each gaming licensee shall file with the commission an annual report relative to its gross gaming revenues and the taxation and assessments due and remitted in accordance with 205 CMR 140.00. The report shall be filed no later than March 15th following the tax year. The annual gaming revenue tax report shall be in a format acceptable to the commission.