58.1-2611 - Penalty for failure to pay tax. - Virginia Statutes

§ 58.1-2611. Penalty for failure to pay tax.

A. Any person failing to pay the tax levied pursuant to this chapter into thestate treasury within the time prescribed by law shall incur a penaltythereon of ten percent, which shall be added to the amount of the tax due.

B. Notwithstanding the provisions of subsection A, such penalty shall notaccrue in any case unless the State Corporation Commission or the Department,as the case may be, mails the person a certified copy of the assessment on orbefore May 15 preceding. In the event such copy is not mailed on or beforeMay 15 preceding, the penalty for nonpayment in time shall not accrue untilthe close of the fifteenth day next following the mailing of such certifiedcopy of the assessment.

(Code 1950, §§ 58-514.1, 58-537, 58-561, 58-587, 58-601, 58-614, 58-626;1956, c. 495; 1972, c. 813; 1983, c. 570; 1984, c. 675; 1999, c. 971.)