Section 41Sec./Art. 41

Section 248 of the National Internal Revenue Code of 1997, as amended, is hereby amended to read as follows:

"Section 248. Civil Penalties. -

(A) There shall be imposed, in addition to the tax required to be paid, a penalty equivalent to twenty-five percent (25%) of the amount due, in the following cases:

(1) Failure to file any return and pay the tax due thereon as required under the provisions of this Code or rules and regulations on the date prescribed; or

(2) Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment; or

(3) Failure to pay the full or part of the amount of tax shown on any return required to be filed under the provisions of this Code or rules and regulations, or the full amount of tax due for which no return is required to be filed, on or before the date prescribed for its payment.

x x x."