110Penalty for late payments of instalments, &c.

110 Penalty for late payments of instalments, &c. (1) Where the liability of a person under section 109 to pay an amount, being an instalment or any interest, is not discharged at or before the time when the amount is payable, there is payable by that person an additional amount calculated at the rate of one-third of 1% per day upon so much of the first-mentioned amount as from time to time remains unpaid, to be computed from the time when

Petroleum (Submerged Lands) Act 1981 109 the first-mentioned amount became payable until it is paid. (2) The Minister may, in a particular case, remit the whole or part of an amount payable under this section.