Tax Type
Intangible Personal Property Tax
Description
Penalty and interest
Topic
Penalties and Interest
Date Issued
07-09-1984
July 9, 1984
Re: § 58-1118 Request for Waiver of Penalty
Capital Not Otherwise Taxed
Dear ***********
In your letter you request abatement and refund of the late filing and late paying penalties on the above captioned returns.
The law specifically provides two separate penalties, a penalty for late filing and an additional penalty for late payment. § 58-438, Code of Virginia, provides a penalty of 10 percent for late filing and § 58-441 provides an additional penalty of 5 percent for late payment based on the total assessment of tax, plus the late filing penalty.
While both penalties and interest were assessed in accordance with applicable laws, due to the extenuating circumstances as set out in your letter, we will relieve one-half of the late filing and all of the late paying penalties. In the near future you will receive a refund for the penalty relieved above.
Sincerely,
W. H. Forst
State Tax Commissioner
Rulings of the Tax Commissioner