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LAS VEGAS (AP) – Nevada's legislative auditors point out that insufficient accounting processes, a lack of oversight of the legal marijuana industry, suggest that the state is losing potential tax revenues.
According to the Las Vegas Review-Journal, auditors found that the tax return data of many farmers and clinics did not match the inventory tracking data.
The audit report indicates that this means that the Tax Department is not able to verify companies' tax returns and that these "did not always seem to be correct".
According to the audit report, the state collected about $ 70 million of marijuana excise taxes during fiscal year 2018 and a sample of statements suggests "a potential tax outstanding over $ 500,000 over a six-month period.
The head of the tax department, Melanie Young, said the department was considering making the changes recommended by the auditors.
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