If any person shall fail or refuse to file any report or to remit to the City Treasurer the tax required to be collected and paid on or before the time specified, a penalty in the amount of 10% shall be added to the tax if the failure is for not more than 30 days. An additional 10% of the tax owed for each 30 days during which the failure continues, not to exceed 25%, with a minimum penalty of $2, shall be added to the tax due.
If any person shall fail or refuse to remit to the treasurer the tax required to be collected and paid within the time and in the amount specified, interest at the maximum yearly rates authorized by the general law of the commonwealth shall be added to the tax for each year or portion thereof from the first day following the day upon which the tax is due. Interest = (Days Past Due/365) x Interest Rate x Tax Due.