2006 Code of Virginia § 58.1-1216 - Penalty upon bank for failure to comply with chapter

58.1-1216. Penalty upon bank for failure to comply with chapter.

Any bank which fails to file a return or pay the state tax required by thischapter or fails to comply with any other provision of this chapter shall besubject to a penalty of five percent of the tax due. If the Commissioner issatisfied that such failure is due to providential or other good cause, suchreturn and payment of tax shall be accepted exclusive of such penalty, butwith interest determined in accordance with 58.1-15.

(Code 1950, 58-485.018; 1980, c. 578; 1984, c. 675.)