In the event of failure by any hotel or motel owner, manager or operator to collect and pay to the Finance Director the tax required hereunder within ten (10) days after the same shall be due, interest shall accumulate and be due upon said tax at the rate of one percent (1%) per month commencing as of the first day of the month following the month for which the tax was to have been collected. In addition, a penalty of ten percent (10%) of the tax and interest due shall be assessed and collected against any hotel or motel owner, manager or operator who shall fail to collect and remit the tax imposed by this section. (1963 Code)