                                 CODE OF VIRGINIA

PENALTY FOR FAILURE TO PAY TAX (§ 58.1-2611)

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

B. Notwithstanding the provisions of subsection A, such penalty shall not accrue
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 or before
May 15 preceding. In the event such copy is not mailed on or before May 15
preceding, the penalty for nonpayment in time shall not accrue until the close
of the fifteenth day next following the mailing of such certified copy of the
assessment.

HISTORY: 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.