PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 109

PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 109

109—Penalty for late payments of instalments etc

        (1)         Where the liability of a person under section 108 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 one per centum per day upon so much of the firstmentioned amount as from time to time remains unpaid, to be computed from the time when the firstmentioned amount became payable until it is paid.

        (2)         The Minister may, in a particular case, for reasons that he thinks sufficient, remit the whole or part of an amount payable under this section.