Interest rate on amounts due under certain Acts

1The rate of interest under the Forest Act, Gaming Control Act, Hotel Room Tax Act, Insurance Premium Tax Act, Logging Tax Act, Social Service Tax Act, Succession Duty Repeal Act, S.B.C. 1977, c. 20, or Tobacco Tax Act is

(a)during

(i)the period from July 1, 1983 until September 30, 1983, 1 1/2% above the prime lending rate of the principal banker to the Province on June 15, 1983, and

(ii)each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in each year, 1 1/2% 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, and

(b)during each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in each year, commencing October 1, 1992, 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.

[en. B.C. Reg. 77/98, s. 1; am. B.C. Regs. 347/2002, s. 1; 59/2003, s. (d); 301/2005, s. 2.]

Interest rate under Assessment Authority Act

2The rate of interest for the purpose of section 20 (6) of the Assessment Authority Act is the rate of interest determined in accordance with section 1 (a) and (b).

[am. B.C. Reg. 77/98, s. 2.]

Interest rate re Taxation (Rural Area) Act

3The rate of interest under section 11  (3) of the Taxation (Rural Area) Act is

(a)during

(i)the period July  1, 1983 until August 31, 1983, 1 1/2% above the prime lending rate of the principal banker to the Province on June 15, 1983, and

(ii)during each successive period beginning on September 1, January 1 and May 1 in every year, 1 1/2% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 4 month period, and

(b)during each successive period beginning on January 1, May 1 and September 1 in every year, commencing October 1, 1992, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that period.

Interest rate re School Act

4The rate of interest under section 125 (4) of the School Act shall be

(a)during the period August 31, 1992 until September 30, 1992, 1% below the prime lending rate of the principal banker to the Province, and

(b)during each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in every year, 1% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that period.

[am. B.C. Reg. 77/98, s. 3.]

Interest rate re Motor Fuel Tax Act

5The rate of interest under section 48 of the Motor Fuel Tax Act shall be

(a)for tax due on purchases of fuel by carriers, as that term is defined in that Act, at a rate equal to the Canadian Federal Treasury Bill rate plus 2% and adjusted every calendar quarter, and

(b)for all other amounts due under that Act, at the rate established under section 1 of this regulation.

[en. B.C. Reg. 550/95, s. 2 (b); am. B.C. Regs. 77/98, s. 4; 347/2002, s. 2.]