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of <h1>Interest-tax Act Amendment: Section 4(2) Adjusts Rate to 2% for Interest After March 31, 1997, Effective April 1, 1998.</h1> In the Interest-tax Act, 1974, section 4, sub-section (2) is amended to include a proviso effective from April 1, 1998. This proviso stipulates that the interest-tax rate for any chargeable interest accruing or arising after March 31, 1997, will be two percent of the chargeable interest. This amendment is part of the Finance Act, 1997, which modifies the existing taxation framework under the Interest-tax Act.
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