Penalty for late payment
24 Penalty for late payment
In this section —
penalty period means —
for subsection (3) — the period starting on the day construction work commenced and ending on the day the whole of the levy amount payable in respect of the construction work is paid; and
for subsection (5) — the period starting on the day the instalment became due for payment and ending on the day the instalment is paid.
Subsection (3) applies if a project owner is not paying the levy in respect of construction work in instalments under section 21A.
If the construction work is commenced before the project owner pays the levy, the project owner is liable to pay to the Board, by way of penalty, an amount calculated for the penalty period at a prescribed rate on the amount of the levy unpaid.
Subsection (5) applies if a project owner is paying the levy in respect of construction work in instalments under section 21A.
If the project owner does not pay an instalment, other than the first instalment, before it is due for payment, the project owner is liable to pay to the Board, by way of penalty, an amount calculated for the penalty period at a prescribed rate on the amount of the instalment unpaid.
[Section 24 inserted: No. 23 of 2020 s. 7.]
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