Sec. 10-220. Interest and penalty

If any person fails or refuses to remit to the Director of Finance the tax required to be collected and paid under this Subdivision, within the time and in the amount specified herein, there shall be added to such tax by the Director of Finance interest at the rate of two-thirds (2/3) of one percent (1%) per month and penalty at the rate of one percent (1%) per month, for a total of one and two-thirds percent (1 2/3%) per month (equivalent to twenty percent (20%) per year), on the amount of the tax for each month from the date the tax is due, on the first of each month that the tax remains unpaid.