A. Interest.
1. Except as provided in paragraph C of this article, all taxes imposed and all monies withheld, or required to be withheld, by employers under the provisions of this ordinance and remaining unpaid after they have become due shall bear interest, in addition to the amount of the unpaid tax or withholdings, at the rate of one-half of one per cent per month or fraction thereof.
B. Penalties.
In addition to interest as provided in paragraph A hereof, penalties based on the unpaid tax are hereby imposed as follows:
1. Five per cent (5%) of the amount of unpaid tax or withholding for first month after said taxes or withholding becomes due.
2. Ten per cent (10%) of the amount of unpaid taxes or withholding if paid during the second or third month.
3. Fifteen per cent (15%) of the amount of unpaid taxes or withholding after three months past due.
C. Exceptions.
1. No penalty shall be assessed on additional taxes found on audit to be due when a return was timely filed in good faith and the tax paid thereon within the prescribed time.
2. In the absence of fraud neither, penalty nor interest shall be assessed on any additional taxes resulting from a federal audit for federal income tax purposes, provided that an amended return is filed and the additional tax paid within three months after final determination of the federal tax liability.
D. Appeal from assessment.
1. Upon recommendation of the Commissioner, the Board of Review may abate penalty or interest, or both, or upon an appeal from the refusal of the Commissioner to recommend abatement of penalty and interest, the Board may nevertheless abate penalty or interest, or both.