Interest-tax rate set for chargeable interest after cutoff date, establishing a uniform rate for taxable interest. An amendment inserts a proviso into the Interest-tax Act prescribing that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the specified cutoff date shall be three and a half per cent of such chargeable interest.
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Provisions expressly mentioned in the judgment/order text.
Interest-tax rate set for chargeable interest after cutoff date, establishing a uniform rate for taxable interest.
An amendment inserts a proviso into the Interest-tax Act prescribing that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the specified cutoff date shall be three and a half per cent of such chargeable interest.
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