Regulation 12

The levy shall be paid within the time specified in regulation 3 notwithstanding any objection but the Agency may extend the time within which payment is to be made.

If the levy is not paid within the time specified in regulation 3 or such further time as the Agency may allow, a penalty at the rate of 10% per annum of the amount outstanding shall be imposed from the expiration of such time or further times, as the case may be.

The service of a notice of assessment under regulation 8 does not affect the time from which the penalty referred to in paragraph (2) is to be imposed.

The Agency may, in any case, waive the payment of the whole or part of, or remit in whole or in part, any penalty imposed under paragraph (2) where the Agency considers that the circumstances of the case warrant it.