58.1-2525 - Extensions of time. - Virginia Statutes

§ 58.1-2525. Extensions of time.

The Commission may grant a reasonable extension of time for payment ofestimated tax, or any installment, or for filing any declaration pursuant tothis article, on condition that the taxpayer shall pay interest on the amountinvolved at the rate of three-fourths of one percent per month or fractionthereof from the time the payment was due until the time of payment. Wheneverthe taxpayer, without having been granted an extension, fails to make paymentof estimated tax, or any installment, or file any declaration as required bythis article, it shall pay interest on the amount involved at the rate of onepercent per month or fraction thereof from the time payment was due until thetime of payment.

(Code 1950, § 58-502.4; 1968, c. 13; 1972, c. 153; 1984, c. 675.)