A. The privilege tax shall be paid quarterly on or before the last day of the month following the end of the quarter. Unless otherwise agreed to by the City in writing, quarters shall end on March 31, June 30, September 30 and December 31 of each year. Each payment shall be accompanied by an accounting of applicable gross revenues and a calculation of the amount payable. The privilege tax may be paid monthly pursuant to a written agreement with the City Finance Director.

B. If the privilege tax is not received by the City on or before the due date, interest shall be owed on the privilege tax in the amount of 12% per annum from the date due to the date on which the payment is received by the City.