                                 CODE OF VIRGINIA

FAILURE OF CORPORATION TO MAKE REPORT OR RETURN (§ 58.1-450)

Any corporation which fails to make any report or return required by this
chapter within the time required shall be liable to a penalty equal to six
percent of the amount of taxes assessable thereon if the failure is for not more
than one month, with an additional six percent for each additional month or
fraction thereof during which such failure to file continues, not exceeding
thirty percent in the aggregate. In no case, however, shall the penalty be less
than $100, and such minimum penalty shall apply whether or not any tax is due
for the period for which the filing of a report or return is required. Such
penalty is to be assessed and collected by the Department, in the manner
provided for the assessment and collection of taxes under this chapter or in a
civil action, at the instance of the Department. In addition such corporation
shall be compellable by mandamus to make such report or return.

HISTORY: Code 1950, § 58-151.087; 1971, Ex. Sess., c. 171; 1984, c. 675; 1989,
cc. 629, 642; 1991, cc. 316, 331.