Annual statement of gross yield and claimed net proceeds: Penalty for failure to file.

If a taxpayer fails to file the statement required by NRS 362.110 , the Department shall impose a penalty pursuant to NRS 362.230 in the following amounts: 1. For net proceeds or royalties not exceeding $5,000, the penalty is 10 percent of the net proceeds or royalties or $100, whichever is less. 2. For net proceeds or royalties greater than $5,000 but not exceeding $10,000, the penalty is $500. 3. For net proceeds or royalties greater than $10,000 but not exceeding $50,000, the penalty is $1,000. 4. For net proceeds or royalties greater than $50,000 but not exceeding $100,000, the penalty is $2,500. 5. For net proceeds or royalties of more than $100,000, the penalty is $5,000.