7Penalties for late payment of fees

7 Penalties for late payment of fees

(1) This section is made for the purposes of paragraph 155(2)(f) of the Act. (2) If a fee (the original fee) referred to in section 5 is not paid by the time the original fee is due and payable, the person liable to pay the original fee is also liable to pay a penalty of the amount worked out using the following formula: (0.2 x Original fee x Days overdue)/365 where:

days overdue is the number of days after the original fee is due and payable that elapse before the day on which the original fee is paid.