Interest and penalty

(1) Where any amount that a person is required to pay to the Commissioner is not paid by the due date, the amount outstanding shall bear a penalty of ten per cent and in addition there shall be levied interest at the rate specified in section 59 of the Tax Administration and Procedure Act. 70 (2) The Commissioner may, where he is satisfied that the circumstances of the case justify the reduction or waiver of a penalty arising under sub-section (1), reduce or waive the penalty accordingly. (3) In this section “due date” is the date specified in section 30(3) as the date when the GST return for the period in question should be filed, save that where tax is assessed under section 39(l)(a) or (3), the due date is twenty-one days after the end of the tax period to which the assessment relates or in which the supply to which the assessment relates was made. CAP. 51. (4) The provisions of the Tax Administration and Procedure Act relating to the collection and recovery of tax shall apply to the collection and recovery of the amount of penalty and interest referred to in sub-section (1).