§ 58.1-2507. Penalties for failure to make report or pay tax; revocation of license; recovery by suit
A. Every company failing to make the report required by § 58.1-2506 shall be fined $50 for each day's failure to make the report.
B. Upon the failure of any such company to pay the license tax within the time required by this chapter, there shall be added to such tax a penalty of 10 percent of the amount of the tax and interest at a rate equal to the rate of interest established pursuant to § 58.1-15 for the period between the due date and the date of full payment. The Commission shall notify the taxpayer of all additional amounts owed, and the taxpayer shall pay such amounts within 14 days of the date of the notice. If an overpayment is made, the Commission shall order a refund of the amount of the overpayment to the taxpayer pursuant to subsection B of § 58.1-2526. The Commission may suspend or revoke the company's license to do business in this Commonwealth pursuant to § 38.2-1040 if the additional amounts due are not paid. The Comptroller shall proceed to recover the tax, penalty and interest by suit in the appropriate circuit court, or by proceedings brought to subject any bonds or other securities deposited by such company with the Treasurer.
C. If such failure is due to providential or other good cause shown to the satisfaction of the Commission, such return or payment or return and payment may be accepted exclusive of penalties; however, such company shall pay interest on such tax as prescribed in subsection B.
(Code 1950, § 58-498; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c. 675; 2003, c. 372.)
Sections: Previous 58.1-2500 58.1-2501 58.1-2502 58.1-2503 58.1-2504 58.1-2505 58.1-2506 58.1-2507 58.1-2508 58.1-2509 58.1-2510 58.1-2511 58.1-2520 58.1-2521 58.1-2522 NextLast modified: April 16, 2009