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<h1>Interest-tax Act Amended: New 3.5% Rate on Chargeable Interest After March 31, 1983, per Finance Act 1983.</h1> Section 4 of the Interest-tax Act, 1974, has been amended by the Finance Act, 1983, to include a proviso specifying that the interest-tax rate on chargeable interest accruing or arising after March 31, 1983, shall be set at three and a half percent.