(A)   (1)   68 O.S. § 217 is hereby adopted and made a part of this subchapter, and interest and penalties at the rates and in the amounts as therein specified are hereby levied and shall be applicable in cases of delinquency in reporting and paying the tax levied by this subchapter.
      (2)   The failure or refusal of any retailer or vendor to make and transmit the reports and remittances of tax in the time and manner required by this subchapter shall cause the tax to be delinquent. In addition, if the delinquency continues for a period of five days, the retailer or vendor shall forfeit his or her claim to any discount allowed under this subchapter.
(Prior Code, § 8-309)
   (B)   The interest or penalty or any portion thereof accruing by reason of a retailer's or vendor's failure to pay the municipality tax herein levied may be waived or remitted in the same manner as provided for the waiver or remittance, as applied in administration of the state use tax provided in 68 O.S. § 227, and accomplish the purposes of this section to applicable provisions of 68 O.S. § 220 are hereby adopted by reference and made a part of this subchapter. (Prior Code, § 8-310)