(a) It shall be the obligation and duty of every taxpayer required to collect and remit the excise tax imposed under this Article to keep accurate and suitable records of all transactions subject to the tax, along with such other books, accounts and records as may be necessary to determine the amount of any tax liability. All records and books, inclusive of invoices or other rental or purchase receipts, shall be preserved for a period of three (3) years, and all such records, books and accounts shall be open for examination at any time by the Finance Director.

(b) For the purpose of ascertaining the correctness of a return, or for the purpose of determining the amount of tax due, the Town may audit the business records and examine all relevant books, papers, accounts or memoranda of any taxpayer at his or her place of business, or elsewhere, and it shall be the duty of such taxpayer to make such relevant information available during reasonable hours for examination by the Town. In the event the Town cannot ascertain the correctness of a return or the amount of tax due by such examination, the Town may conduct further investigations and hearings concerning any matter covered by this Article. Both the Finance Director and Town Manager shall have the power to administer oaths to such persons, and depositions of witnesses may be taken and offered in the manner prescribed by law or judicial rule for depositions in civil actions in courts of this State. To the ends described hereinabove, the attendance of witnesses and the production of records and other tangible things may be compelled by subpoena issued by the Finance Director and/or Town Manager, such subpoenas to be enforceable by order of the Municipal Court. If the results of an audit or investigation indicates that taxes paid or reported were in excess or less than what was due, the procedures set forth in Subsections 4-4-70(b) and (c) in this Article addressing tax overpayments and underpayments, respectively, shall be followed. (Prior code 3.40.090; Ord. 1288 §1, 2008)