A. Interest. Any person who fails to pay any tax required to be paid by this chapter shall pay interest at the rate of one percent per month, or fraction thereof, on the amount of the tax, exclusive of penalties, from the date on which the tax first becomes due and payable until paid. Interest shall run during any period of time for which an extension of time has been granted by the City for payment of the tax. Interest required by any of the provisions of this chapter shall be subject to waiver or compromise by the Collector. The interest shall not be compounded, but shall be on principle only.
B. Penalties. All taxes imposed by this chapter shall be subject to the following penalties:
1. Delinquency. Any person who fails to pay any tax, or any fraction thereof required to be paid by this chapter within the time required, shall pay a penalty of twenty percent per month of the amount of unpaid tax. Such penalty shall not exceed one hundred percent of the tax for any calendar year for each year that the tax is unpaid. This penalty shall accrue on the first day of each calendar month for which the tax remains unpaid.
2. Fraud. If the Collector, after notice to the applicant or licensee and hearing, determines that the nonpayment of any tax due under this chapter is due to fraud, a penalty of ninety percent of the amount of the unpaid tax shall be added thereto, in addition to any other penalties set forth in this section. Where after notice and hearing to the applicant or licensee, the Collector determines that a corporate officer, director or shareholder is responsible for the fraud resulting in the nonpayment of the tax of a corporation, the Collector may designate the tax, interest and penalties unpaid, including the penalty provided for in this subsection due to such fraud, as a personal debt of the officer, director or shareholder.
3. Merger of Interest and Penalties. Such interest as is accrued, and every penalty imposed under the provisions of this section, shall become a part of the tax required to be paid under this chapter.
4. Penalties on Principle. All penalties imposed hereunder shall be calculated on principle only, and shall not be compounded.
(Ord. 1612, § 1 (part), 1992)