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Victoria, British Columbia, Canada
B.C. Reg. 13/2022, deposited January 20, 2022, under the INCOME TAX ACT [section 269]. Order in Council 34/2022, approved and ordered January 20, 2022.
On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 18, 2020, the attached Recovery Benefit Regulation is made.
— S. ROBINSON, Minister of Finance; L. POPHAM, Presiding Member of the Executive Council.
RECOVERY BENEFIT REGULATION
1 In this regulation, "Act" means the Income Tax Act.
Interest payable to government
2 (1) For the purposes of section 252 (3) of the Act, interest payable to the government under Part 15 of the Act must be calculated on a daily basis and compounded monthly.
(2) For the purposes of section 252 (3) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in each year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.
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