Section 58.1-2507 - Penalties for failure to make report or pay tax; revocation of license; recovery by suitA. Every company failing to make the report required by § 58.1-2506 shall be fined $50 for each day's failure to make the report.B. Upon the failure of any such company to pay the license tax within the time required by this chapter, there shall be added to such tax a penalty of 10 percent of the amount of the tax and interest at a rate equal to the rate of interest established pursuant to § 58.1-15 for the period between the due date and the date of full payment. The Department shall notify the taxpayer of all additional amounts owed, and the taxpayer shall pay such amounts within 30 days of the date of the notice. If an overpayment is made, the Department shall issue a refund of the amount of the overpayment to the taxpayer pursuant to subsection B of § 58.1-2526. The Commission may suspend or revoke the company's license to do business in this Commonwealth pursuant to § 38.2-1040 upon notification by the Department that the additional amounts due are not paid. The Department shall proceed to recover the tax, penalty and interest (i) in the same manner as is done for any other tax administered by the Department or (ii) by proceedings brought to subject any bonds or other securities deposited by such company with the Treasurer.C. If such failure is due to providential or other good cause shown to the satisfaction of the Department, such return or payment or return and payment may be accepted exclusive of penalties; however, such company shall pay interest on such tax as prescribed in subsection B.Code 1950, § 58-498; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c. 675; 2003, c. 372; 2011, c. 850; 2013, cc. 29, 163.Amended by Acts 2013 c. 163, § 1, eff. 1/1/2013.Amended by Acts 2013 c. 29, § 1, eff. 1/1/2013.