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<br />. <br /> <br />. <br /> <br />. <br /> <br />Sec. 35-447. Penalty and interest for late remittance, fraudulent returns. <br /> <br />(a) If any person, whose duty it is to do so, shall fail or refuse to remit to the <br />city treasurer the tax required to be collected and paid under this article within the time <br />and in the amount specified in this article, there shall be added to such tax a penalty not <br />to exceed ten (10) percent ofthe amount of the tax for the first month the taxes are past <br />due, and five (5) per cent for each month thereafter, not to exceed twenty-five (25) per <br />cent of the amount of the taxes not remitted, or ten dollars ($10.00), whichever is greater. <br />The penalty for failure to pay the tax shall be assessed on the day after any payment is <br />due. Any penalty so assessed shall become part of the tax. <br />(b) Interest shall be added thereon at the rate of ten (10) percent per annum <br />which shall be computed upon the taxes and penalty from the first day following the day <br />on which such taxes are due and payable. <br />(c) In the case of a false or fraudulent return with intent to defraud the city of <br />any tax due under this article, a penalty of fifty (50) percent of the tax shall be assessed <br />against the person required to collect such tax. <br /> <br />2. That this ordinance shall take effect on July 1,2005. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on June 28, 2005. <br /> <br />Teste: <br /> <br />City Clerk <br />