(1) A Reporting 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 shall be paid to the competent authority within 30 days after the date on which notification under section 18 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 (2), a Reporting Financial Institution shall pay a penalty of $500 for each month or part of the month the Reporting 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 Financial Institution or a court of competent jurisdiction allows an appeal, the amount paid as a penalty shall be refunded to the Reporting Financial Institution. (Amended by Act 10 of 2017)