(a) All taxes imposed 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 the rate of one percent (1%) per month or fraction thereof.
(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 file a tax return or failure to pay taxes due - other than taxes withheld; a penalty of the greater of:
A. Twenty dollars ($20.00) or:
B. One percent (1%) per month or fraction thereof.
(2) For failure to remit taxes withheld from employees, a penalty of the greater of:
A. Twenty-five dollars ($25.00) or:
B. Three percent (3%) per month or fraction thereof.
(c) Exceptions. 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; 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.
(Ord. 93-2000. Passed 12-12-00.)