(a) All taxes imposed and 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 the rate of one and one-half percent (1½%) or fraction thereof.
(b) In addition to interest as provided in subsection (a) hereof, penalties for failure to pay taxes and to withhold and remit taxes pursuant to the provisions of this chapter are hereby imposed as follows:
(1) For failure to pay taxes due other than taxes withheld: one and one-half percent (1½%) per month or fraction thereof ; minimum penalty for failure to file annual returns when due shall be fifty dollars ($50.00).
(2) For failure to remit taxes withheld from employees: ten percent (10%) per month or fraction thereof.
(3) For failure to file tax returns, informational reports or any filing as required by this chapter: fifty dollars ($50.00) if not more than 160 days late; one hundred dollars ($100.00) if late by 160 days or more.
(c) Exceptions.
(1) A penalty shall not be assessed on an additional tax assessment made by the Tax Commissioner when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Tax Commissioner. 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.
(2) Upon recommendation of the Income Tax Commissioner, the Board of Review may abate penalty, interest or both or upon appeal from the refusal to recommend abatement of penalty the Board may nevertheless abate penalty or interest or both for good cause shown.
(Ord. 2004-18. Passed 9-20-04.)