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B.C. Reg. 52/2003
O.C. 137/2003
Deposited February 18, 2003
This archived regulation consolidation is current to April 21, 2006 and includes changes enacted and in force by that date. For the most current information, click here.

Insurance Premium Tax Act

Insurance Premium Tax Act
Interest Regulation

Calculation of interest

1Interest payable on amounts due to the government under the Insurance Premium Tax Act must be

(a)calculated at the rate prescribed under the Interest Rate under Various Statutes Regulation, B. C. Reg. 386/92, and

(b)calculated on a daily basis and compounded every 30 days.

[Provisions of the Insurance Premium Tax Act, R.S.B.C. 1996, c. 232, relevant to the enactment of this regulation: sections 7, 11 and 41]