PETROLEUM (ONSHORE) ACT 1991 - SECT 94Q
Late payment fee
PETROLEUM (ONSHORE) ACT 1991 - SECT 94Q
Late payment fee
94Q Late payment fee
(1) If a fee payable under this Part is not paid within
the time required under this Part, the Secretary may charge a late payment fee
in respect of the fee, calculated at the rate of 15% of the overdue amount per
annum compounded quarterly (or, where another rate is prescribed by the
regulations, that other rate).
(2) A late payment fee may be charged for any
days in the period starting at the end of the day the fee was required to be
paid and ending on (and excluding) the day the fee is paid.
(3) A late
payment fee is taken to form part of, and is recoverable in the same way as,
the fee in respect of which it is payable.
