§ 166-8. Penalty.

Any person failing to file a return or corrected return or to pay any tax or any portion thereof within the time required by this article shall be subject to a penalty of 5% of the amount of tax due, plus 1% of such tax for each month of delay or fraction thereof, excepting the first month, after such return was required to be filed or such tax became due; but the City Treasurer, if satisfied that the delay was excusable, may remit all or any portion of such penalty.