2006 Code of Virginia § 58.1-2507 - Penalties for failure to make report or pay tax; revocation of license; recovery by suit

58.1-2507. Penalties for failure to make report or pay tax; revocation oflicense; recovery by suit.

A. Every company failing to make the report required by 58.1-2506 shall befined $50 for each day's failure to make the report.

B. Upon the failure of any such company to pay the license tax within thetime required by this chapter, there shall be added to such tax a penalty of10 percent of the amount of the tax and interest at a rate equal to the rateof interest established pursuant to 58.1-15 for the period between the duedate and the date of full payment. The Commission shall notify the taxpayerof all additional amounts owed, and the taxpayer shall pay such amountswithin 14 days of the date of the notice. If an overpayment is made, theCommission shall order a refund of the amount of the overpayment to thetaxpayer pursuant to subsection B of 58.1-2526. The Commission may suspendor revoke the company's license to do business in this Commonwealth pursuantto 38.2-1040 if the additional amounts due are not paid. The Comptrollershall proceed to recover the tax, penalty and interest by suit in theappropriate circuit court, or by proceedings brought to subject any bonds orother securities deposited by such company with the Treasurer.

C. If such failure is due to providential or other good cause shown to thesatisfaction of the Commission, such return or payment or return and paymentmay be accepted exclusive of penalties; however, such company shall payinterest 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.)