If any taxpayer shall fail to file a return within the time required by this chapter, or shall file an insufficient or incorrect return, or shall not pay the tax imposed by this chapter when it is due, the tax administrator shall assess the tax upon the information as may be available, which shall be payable upon demand and shall bear interest at the annual rate provided by § 44-1-7, from the date when the tax should have been paid. If any part of the tax not paid is due to negligence or intentional disregard of the provisions of this chapter, a penalty of ten percent (10%) of the amount of the determination shall be added to the tax. The tax administrator shall collect the tax with interest in the same manner and with the same powers as are prescribed for collection of taxes in this title.
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