ARTICLE I. BUSINESS LICENSE TAX IN GENERAL; ADMINISTRATION

Sec. 14-12. Assessment and payment of additional or omitted taxes due; extensions; limitations.

(a) If the commissioner of the revenue ascertains that any person has not been assessed with a license tax, or has been assessed with less than the proper amount of license tax levied under the terms of this chapter for any license year of the three (3) license years past, it shall be the duty of the commissioner of the revenue to assess such person with the proper license tax for the year or years involved, adding thereto the penalty and interest set forth in section 14-11. If, in the opinion of the commissioner, the absence of the assessment was not the fault of the taxpayer, such penalty and interest shall begin to accrue after thirty (30) days from the date of assessment until payment.

(b) Where, before the expiration of the time prescribed for the assessment of any license tax imposed pursuant to this chapter, both the commissioner of revenue and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.

(c) Notwithstanding subsection (a) above and the provisions of § 58.1-3903, Code of Virginia, the commissioner of revenue shall assess any local license tax omitted because of fraud or failure to apply for a license for the current license year and the six (6) preceding license years.

(d) The period for collecting any local license tax shall not expire prior to the period specified in § 58.1-3940, Code of Virginia, two years after the date of assessment if the period for assessment has been extended pursuant to this section, two years after the final determination of an appeal for which collection has been stayed pursuant to the provisions of Section 14-14.1, or two years after the final decision in a court application pursuant to § 58.1-3984, Code of Virginia, or similar law for which collection has been stayed, whichever is later.