If any person conducts any activity or exercises any privilege for which the payment of a license or permit fee or tax is required by this Business Regulation and Taxation Code or other ordinance of the City, without first paying such fee or tax, he shall, in addition to paying the fee or tax required for such activity or privilege, pay a late fee of ten percent (10%) of the regular fee for each month or fraction of a month that he has been in default. Such late fee shall be deemed a license fee, and shall be assessed and collected in the manner provided in this Code, except that the certificate shall state separately thereon the amount paid as regular fee and the amount paid as a late fee. (1961 Code Sec. 701.20)