Failure to report; penalty

If any company shall fail, or refuse, to make and file any statements required by law or any other statement demanded by the Department of Revenue on or before the time required by Section 27-35-509, Mississippi Code of 1972, such company may be assessed a penalty of ten percent (10%) on the tax as computed by the Department of Revenue, and in case of such failure, neglect or refusal, the department may make out an assessment against the company or companies, from the best information available.