(1) A Reporting Saint Lucia Financial Institution shall pay —
(a) any penalty imposed for failure to submit a return or for failure to submit a correct return; or
(b) any other penalty.
(2) A penalty under this Act must be paid to the Competent Authority within 30 days after the date on which notification under section 18(1)(b) is provided in respect of the penalty.
(3) If any amount in respect of a penalty is not paid by the due date described in subsection (1), a Reporting Saint Lucia Financial Institution shall pay a penalty of five hundred dollars for each month or part of the month the Reporting Saint Lucia Financial Institution fails to pay the penalty.
(4) The obligation to pay a penalty is not suspended as a result of an objection under section 20 or an appeal under section 22.
(5) If an objection is determined in favour of the Reporting Saint Lucia Financial Institution or the appeal commissioners allow an appeal, the amount paid as a penalty shall be refunded to the Reporting Saint Lucia Financial Institution.