Terms Used In Virginia Code 58.1-2620

• Gross receipts: means the total of all revenue derived in the Commonwealth, including but not limited to income from the provision or performance of a service or the performance of incidental operations not necessarily associated with the particular service performed, without deductions for expenses or other adjustments. See Virginia Code 58.1-2600
• Tax year: means the twelve-month period beginning on January 1 and ending on December 31 of the same calendar year, such year also being the tax assessment year or the year in which the tax levied under this chapter shall be paid. See Virginia Code 58.1-2600
• Taxable year: means the calendar year preceding the tax year, upon which the gross receipts are computed as a basis for the payment of the tax levied pursuant to this chapter. See Virginia Code 58.1-2600