Any bank which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision of this chapter shall be subject to a penalty of five percent of the tax due. If the Commissioner is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.
Code 1950, § 58-485.018; 1980, c. 578; 1984, c. 675.
Structure Code of Virginia
Chapter 12 - Bank Franchise Tax
§ 58.1-1202. Bank capital assessable
§ 58.1-1204.1. Proration for new banks
§ 58.1-1205. Computation of net capital
§ 58.1-1206. Deductions from gross capital
§ 58.1-1207. Filing of return and payment of tax
§ 58.1-1212. Record of deposits through branches required
§ 58.1-1213. Credit against state tax for amounts paid cities, towns and counties
§ 58.1-1214. Auditing of returns
§ 58.1-1215. Banks in liquidation
§ 58.1-1216. Penalty upon bank for failure to comply with chapter
§ 58.1-1217. State banks and national banks treated the same in matter of taxation