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Sec. 14-12. When application due; when tax payable; extensions; penalty and interest • for late payment; report and collection of delinquencies. (a)... (b)... (c) All license issuance fees and license taxes imposed by this chapter shall be due and payable on or before March I" of each license year, unless otherwise expressly provided. The tax shall be paid with the application in the case of any license not based on gross receipts. If the tax is measured by the Bross receipts of the business. the tax shall be raid on or before March 1 or 30 (d) If the amount owed is not paid by the appropriate due date as set forth above, a penalty of ten percent (10%) of the amount owed shall be imposed. In the case of an assessment of additional tax made by the Commissioner, if the application, and if applicable the return, was were made in good faith and the understatement of the tax was not due to any fraud, reckless or intentional disregard of the law by the taxpayer, there shall be no late payment penalty assessed with the additional tax. If any assessment of issuance fee or tax by the Commissioner is not paid within thirty (30) days, the Commissioner of Revenue shall impose a ten percent (10%) late payment penalty. If the failure to file and pay was not the fault of the taxpayer, the penaltieseP nalty shall not be imposed, or if imposed, shall be abated by the Commissioner. In order to demonstrate lack of fault, the taxpayer must show that he acted responsibly and that the failure was due to events • beyond his control. Only the late filing penalty shall be imposed by the Commissioner if both the ..�:,...�:..., --A --+ „ e 1„+e. 1---, 1....1, .. ..,,Ir: „ l,o --'—A ;rfl— (' ........:....:....o. (e) Interest at the rate of eight (8) percent per annum shall be charged on the late payment of the license issuance fee and license tax, commencing the first day following the day such taxes are due from the Queue until the date paid in full, without regard to fault or other reason for the late payment. 8 (f) Wherever an assessment of additional or omitted tax by the Commissioner is found to be ineerrest erroneous as a result of a final decision in an appeal taken pursuant to Section 14-6, a refund shall be made to the taxpayer, consisting of the amount(s) erroneously assessed as well as all interest and any penalties charged and collected on the amount which was erroneously assessed. Interest shall be paid on such refund from the date of payment or due date, whichever is later, at the rate of eight (8) percent per annum. No interest shall be required to be paid on any such refund, if the amount of the refund is ten dollars ($10.00) or less. interest shall accrue on an adjustment of estimated tax liability to actual liability at the conclusion of a base year.—No, and no interest shall be paid on a refund or charged on a late payment, 6 §58.1-3703. 1 (A)(2)(b). 7 Va. Code §58.1-3703.1(A)(2)(d) 8 Va. Code §58.1-3703.1(A)(2)(e) 9 Va. Code §58.1-3703.1(A)(2)(e)