Late payment

—(1) A person who fails to pay all or part of a tax, including withholding tax, interest, or penalty within fourteen days of the due date, or by the due date specified in the notice of assessment, if later, is liable to a penalty equal to 20 percent of the amount due but not paid. 84 CAP. 51 Tax Administration and Procedure (2) A person who fails to pay all or part of an instalment, required pursuant to the Income and Business Tax Act, within fourteen days of the due date for the instalment, is liable to a penalty equal to 10 percent of the amount of tax due but not paid. (3) Sub-section (1) does not apply to cases described in section 58 of the General Sales Tax Act or section 96(3) or section 112(5) of the Income and Business Tax Act. (4) Where an extension is granted under section 52, a person is not liable to a penalty under sub-section (1) unless the extension period expires without payment having been made.