The interest or penalty or any portion thereof accruing by reason of a taxpayer's failure to pay the city tax herein levied may be waived or remitted in the same manner as provided for the waiver or as applied in administration of the state sales tax provided in section 220 of title 68 of the Oklahoma Statutes. To accomplish the purposes of this section, the applicable provisions of section 220 of title 68 of the Oklahoma Statutes are hereby adopted by reference and made a part of this chapter. (Prior Code, Sec. 55)