Banking cash transaction tax penalty imposes payment plus a capped daily sanction for failure to remit collected tax.

Failure to collect the Banking Cash Transaction Tax requires payment of the outstanding tax and interest, and a penalty equal to the amount of tax not collected. Where the tax is collected but not remitted, the collector must pay the tax and interest and is liable to a daily penalty for each day the failure continues, subject to a cap not exceeding the unpaid tax amount.

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