(a) All taxes impose, including estimated taxes, and all monies withheld or required to be withheld by employers, under the provisions of this chapter and remaining unpaid after they become due shall bear interest at a rate of one percent (1%) per month or fraction of a month.
(b) In addition to interest as provided in subsection (a) hereof, penalties based on the unpaid tax are hereby imposed as follows:
(1) For failure to pay taxes, including estimated payments, when due, other than taxes withheld, two percent (2%) per month or fraction of a month.
(2) For failure to remit taxes withheld from employees, ten percent (10%) per month or fraction of a month, with a minimum penalty of twenty five dollars ($25.00)
(3) For failure to file an income tax return within thirty days of April 15th, of the current tax year, a penalty of twenty five dollars ($25.00) per day up to a maximum of five hundred dollars ($500.00) shall be imposed on each taxpayer for each income tax return not filed as prescribed herein. An additional penalty equal to fifty percent (50%) of the income tax due shall be due and payable within ten (10) days of receipt of written notice of the same by the taxpayer. A penalty of up to one hundred dollars ($100.00) shall be assessed for the non-filing of a mandatory tax return where no tax is due.
(c) A penalty shall not be assessed on an additional tax assessment made by the Income Tax Administrator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Income Tax Administrator; and provided further, that, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a federal audit, providing an amended return is filed, and the additional tax is paid within three (3) months after final determination of the federal tax liability.
(d) Upon recommendation of the Income Tax Administrator, the Board of Review may abate penalty or interest, or both, as in its discretion deems proper.
(Ord. 2009-18. Passed 11-19-09.)