23VAC10-390-40. Collection.

A. The soft drink excise tax is collected annually by the Department of Taxation. A check payment for the amount of tax, and if applicable, penalty and interest, should shall be made payable to the Department of Taxation and submitted with the properly filed return no later than the due date prescribed in subsection B of this section.

B. Returns are required to shall be filed with the Department of Taxation, P.O. Box 1880, Richmond, Virginia 23282-1880, on or before the statutory original due date (without extension) for filing Virginia individual income tax returns under § 58.1-341 of the Code of Virginia, or if the taxpayer is a corporation, for filing Virginia corporate income tax returns under § 58.1-441 of the Code of Virginia.

1. If taxpayer has an extension of time for filing his income tax return from the Internal Revenue Service, the filing date for the soft drink excise tax may be extended to the same as the federal date plus 30 days. In order to receive an extension of time for filing the return, a request for extension must be made to the Department of Taxation prior to the original due date of the return.

2. If an extension of filing time is granted, interest at the rate established pursuant to Section 6621 of the Internal Revenue Code of 1954, as amended, accrues from the date the return was originally due to be filed to the date of payment.

C. A taxpayer may elect an extension of time within which to file the soft drink excise tax return to the extended due date set forth and in the manner prescribed for filing Virginia individual income tax returns on extension under § 58.1-344 of the Code of Virginia, or if the taxpayer is a corporation, for filing Virginia corporate income tax returns on extension under § 58.1-453 of the Code of Virginia.

1. If the full amount is not paid on or before the original due date, the penalty imposed by subsection D of this section for failure to pay when due the full amount shall apply regardless of whether the taxpayer properly elected to utilize an extension. Interest at the rate established pursuant to § 58.1-15 of the Code of Virginia accrues from the date the return was originally due to be filed to the date of payment.

2. If the return is not filed or the full amount of the tax due is not paid on or before the extended due date elected pursuant to this subsection, the penalty imposed by subsection D of this section for failure to file a return and for late filing shall apply as if no extension had been elected.

D. Subject to the provisions of subdivisions B 1 and 2 subsection C of this section, penalties and interest are imposed for failure to file a return, for late filing, for filing a false or fraudulent return, and for failure to pay when due the full amount of tax as shown on the face of the return and are assessed in the same manner as the income tax penalties imposed under Chapter 3 of Title 58.1 of the Code of Virginia make full payment of the taxpayer's actual tax liability on or before the original return due date.

1. Penalty for failure to pay when due shall be 5.0% of the amount of unpaid tax and assessed in accordance with §§ 58.1-351 and 58.1-455.

2. Penalty for failure to file the return when due is $100 for corporations and 10% of the amount of tax assessable on the return for all others. The penalties shall be assessed in accordance with Sections 58.1-347 and 58.1-450.

3. Penalty for fraud is assessed in accordance with §§ 58.1-348, 58.1-451 and 58.1-452.

4. 1. If the taxpayer is not a corporation, the nature and amount of the penalties imposed by this subsection shall be determined as if the comparable individual income tax penalties under §§ 58.1-347, 58.1-348, and 58.1-351 of the Code of Virginia apply to the soft drink excise tax rather than the individual income tax.

2. If the taxpayer is a corporation, the nature and amount of the penalties imposed by this subsection shall be determined as if the comparable corporate income tax penalties under §§ 58.1-450, 58.1-451, 58.1-452, and 58.1-455 of the Code of Virginia apply to the soft drink excise tax rather than the corporate income tax.

3. Interest is assessed on tax and applicable penalties in accordance with § 58.1-15 of the Code of Virginia.