(a) Any licensee who shall fail to file its return when due or to pay any tax or deposit when the same becomes due, as herein provided, shall be subject to the payment of a penalty at the rate of five (5%) percent per month or any fraction thereof, but shall not exceed twenty-five (25%) percent in the aggregate.
(b) The Director of the Virgin Islands Bureau of Internal Revenue, upon satisfactory proof by a taxpayer that failure to file a return or pay any tax or penalty required under the provisions of this chapter was due to reasonable cause and not due to willful neglect, may waive any and all penalties.
(c) Interest on any underpayment or in nonpayment shall be computed in accordance with the rate Title 33, Chapter 33, section 1231, subsection (a), Virgin Islands Code.
(d) Whoever willfully attempts in any manner to evade or defeat any tax imposed by this act or the payment thereof or who willfully fails to make any returns, keep such information, at the time or times required by this act or regulations promulgated thereunder, shall, in addition to other penalties provided by law, be fined not more than $100,000 or imprisoned not more than six months, or both, together with the costs of prosecution.
(e) If any part of any underpayment of tax required to be shown on a return is due to fraud, there shall be added to the tax an amount equal to fifty (50%) percent of the underpayment. The term “underpayment” shall have the same meaning as contained in Title 33, chapter 35, section 1283, subsection (c), item (2), Virgin Islands Code.