B.C. Reg. 52/2003

O.C. 137/2003
Deposited February 18, 2003

Insurance Premium Tax Act

Insurance Premium Tax Act

Interest Regulation

Calculation of interest

1 Interest 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]