§ 58.1-1116. Failure to pay tax when due; civil penalties
If any tax or part thereof is not paid in full when due, there shall be added to the amount unpaid a penalty of five percent of the amount thereof. The entire tax or any unpaid balance thereof, together with penalty, shall immediately become collectible. Interest upon such unpaid balance and the penalty provided by this section shall be added at a rate determined in accordance with § 58.1-15, from one month after the tax was originally due until paid. In the case of an additional tax assessed by the commissioner of the revenue, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with § 58.1-15, from the time the said return was required by law to be filed until paid.
(Code 1950, § 58-441; 1960, c. 508; 1977, c. 396; 1984, c. 675.)
Sections: Previous 58.1-1104 58.1-1105 58.1-1106 58.1-1107 58.1-1108 58.1-1109 58.1-1110 58.1-1111 58.1-1112 58.1-1113 58.1-1114 58.1-1115 58.1-1116 58.1-1117 58.1-1118 NextLast modified: April 16, 2009