CODE OF VIRGINIA

PENALTY FOR FAILURE TO FILE RETURNS OF INTANGIBLE PERSONAL PROPERTY IN TIME;
DELINQUENTS; ASSESSMENTS ON ESTIMATES (§ 58.1-1113)

The commissioner of the revenue shall assess a penalty equal to ten percent of
the amount of taxes assessable thereon upon any return filed with the
commissioner of the revenue after the time prescribed for the filing of returns.
In no case shall such penalty be less than ten dollars, and such penalty when so
assessed shall become a part of the tax and shall be collected in the same
manner as is provided by law for the collection of other taxes.At any time after
the time required by law for filing such returns the commissioner of the revenue
shall secure a return from every delinquent taxpayer within his jurisdiction or,
if any such taxpayer refuses to make a return or fails to make such return for
fifteen days after the commissioner of the revenue calls upon him to do so, the
commissioner of the revenue shall from the best information he can obtain make
an estimate of the intangible personal property of such taxpayer.The
commissioner of the revenue shall have authority to assess taxes, penalties and
interest upon such estimate and such taxes, penalties and interest shall be
collected in like manner as is provided by law for the collection of other state
taxes.

HISTORY: Code 1950, § 58-438; 1984, c. 675.