Sec. 488.3. Failure to pay the tax due to fraud

Tax Law, § 512(1)(d)

(a) In lieu of the penalty described in section 488.1 and the interest described in section 488.4 of this Part, if the failure to pay any tax on or before the prescribed date for payment is attributable to fraud, the penalty and interest prescribed in section 512(1)(d) of the Tax Law shall be added to the tax.

(b) The penalties and interest pursuant to this section are determined, assessed, collected and paid in the same manner as the taxes imposed by article 21 of the Tax Law.