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the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates. (b) If the taxpayer is a corporation or association, at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth months of the taxable year; provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal install- ments on or before the remaining payment dates. (c) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City on the first day of January in the year in which they became subject to estimated payments, nor shall penal- ties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent (100 %) of the previous year's tax liability, provided that the previous year reflected a twelve -month period and the taxpayer filed a return for that year, nor shall penalties or interest be assessed on esthnat- ed payments if the taxpayer has remitted an amount equal to ninety percent (90 %) of the final tax liability for the tax year due on or before April 15th of the current year. (Ord. 71 -10. Passed 11- 1 -10.) 128.1307 ANNUAL RETURN. On or before the fifteenth day of the fourth month of the year following that for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of Section 128.1301. (Ord. 71 -10. Passed 11 -1- 10.) INTEREST AND PENALTIES 128.1501 INTEREST ON UNPAID TAX. All taxes imposed and all moneys withheld or required to be withheld by em- ployers and all installments of estimated taxes required to be paid under the pro- visions of this chapter and remaining unpaid after they become due, shall bear interest at the rate of eight percent (8 %) per annun. (Ord. 71 -10. Passed 11 -1- 10.) 128.1502 PENALTIES ON UNPAID TAX. In addition to interest as provided in Section 1 28.1501, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows: (a) For failure to pay taxes or estimated taxes due, other than taxes withheld: one percent (1 %) per month or fraction of a month thereof, but not less than twenty-five dollars ($25.00). (b) For failure to remit taxes withheld from employees: ten percent (10 0/0) per month or fraction of a month thereof, but the accumulated penalty shall not ex- ceed fifty percent (50 %) upon any unpaid amount and shall not be less than twenty-five dollars ($25.00). (c) A Penalty of twenty-five dollars ($25.00) shall be assessed for failure to file an income tax return. This penalty shall be in addition to any other penal- ties that may be assessed. (Ord. 71 -10. Passed 11- 1 -10.) 128.1503 EXCEPTIONS. A penalty shall not be assessed on an additional tax assessment made by the Administrator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Administrator; and in the absence of fi-aud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a federal audit, providing an amended return is filed and the addi- tional tax is paid within three months after a final determination of the federal tax liability. (Ord. 71 -10. Passed 11- I -10.) 14