Tax on Interest - Penalties for Late or Fraudulent Tax Payments

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  6. Tax on Interest - Penalties for Late or Fraudulent Tax Payments

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  1. In the event any person fails or refuses to remit the tax required by Code Sections 7-3-16 and 7-3-17 within the time prescribed, the tax shall bear interest at the rate of 1 percent per month. Interest shall begin to accrue from the date the tax is due until the date the tax is paid. For the purposes of this Code section, any period of less than one month shall be considered to be one month.
  2. In the event any person fails or refuses to remit the tax required by Code Sections 7-3-16 and 7-3-17 within the time prescribed, there shall be added to the tax a penalty equivalent to 25 percent of the tax but in no case shall the penalty so added be less than $5.00. In the event any person fraudulently remits the incorrect tax, there shall be added to the tax a penalty equivalent to 50 percent of the tax but in no case shall the penalty so added be less than $5.00. The amounts so added as penalties shall be collected as a part of the tax.

(Ga. L. 1955, Ex. Sess., p. 57, § 3; Code 1981, §7-3-21; Code 1981, §7-3-18, as redesignated by Ga. L. 2020, p. 156, § 2/SB 462.)

The 2020 amendment, effective June 30, 2020, redesignated former Code Section 7-3-21 as present Code Section 7-3-18, and added subsection (a); designated the existing provisions as subsection (b); and substituted "Code Sections 7-3-16 and 7-3-17" for "Code Sections 7-3-19 and 7-3-20" in the first sentence of subsection (b). See Editor's notes at the beginning of this chapter for applicability.

Editor's notes.

- Ga. L. 2020, p. 156, § 2/SB 462, effective June 30, 2020, redesignated former Code Section 7-3-18 as present Code Section 7-3-15.

RESEARCH REFERENCES

Am. Jur. 2d.

- 53A Am. Jur. 2d, Moneylenders and Pawnbrokers, § 19 et seq.

C.J.S.

- 47 C.J.S., Interest and Usury; Consumer Credit, § 460.


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