(a) All taxes imposed, including estimated payments, and moneys withheld by employers under the provisions of this chapter and remaining unpaid after they have become due shall bear interest, in addition to the amount of the unpaid tax or withholdings, at an annual rate of one percent (1%) per month or fraction of a month thereof.
(b) In addition to interest as provided in subsection (a) hereof, penalties imposed as follows:
(1) For failure to pay taxes due, other than taxes withheld, one percent (1%) per month or fraction of a month thereof, or five percent (5%) of the total tax due, whichever is greater.
(2) For failure to remit taxes due, other than taxes withheld from employees, three percent (3%) per month or fraction of a month thereof, or ten percent (10%) of the total tax due, whichever is greater.
(c) For failure to file income tax returns, fifty dollars ($50) for the first instance and one hundred dollars ($100) for each subsequent instance, whether or not any tax is due. If tax is due, interest and penalty shall additionally be assessed in accordance with subsections (a) and (b) above.
(d) A penalty shall not be assessed on an additional tax assessment made by the Tax Administrator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Tax Administrator; and provided, further, that, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment against a taxpayer by the Tax Administrator resulting from a federal audit, provided an amended return is filed and the additional tax is paid within three months after a final determination of the federal tax liability.
(e) Upon recommendation of the Finance Director, the Board of Review may abate penalty or interest, or both, as in its discretion deems proper.
(Ord. 09-10. Passed 4-6-09.)