Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1707. Failure of private banker to make return or report

Any private banker who shall neglect or refuse to make any return or report required by section 719 of this act,  1 shall, for every such neglect or refusal, be subject to a penalty of one thousand dollars, which shall be collected on an account settled by the Department of Revenue, as taxes on the capital stock of corporations are settled and collected, and the payment of such penalty shall not relieve such private banker from the payment of any tax which he is required by law to pay, but the Department of Revenue shall suspend said penalty upon the payment by such private banker of all taxes due the Commonwealth and the costs incurred in any proceedings for the collection of the penalty.