Interest on tax arrears revised to a monthly rate and shorter payment period, including Settlement Commission orders and transition rule. Section 220 is amended to shorten the payment window to thirty days and to replace the prior annual interest formula with a monthly interest charge applied for every month or part of a month from the day after the payment period until payment; the proviso is expanded to include orders of the Settlement Commission, and a transitional proviso directs that periods spanning the amendment date attract the new monthly interest rate for the portion after that date.
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Provisions expressly mentioned in the judgment/order text.
Interest on tax arrears revised to a monthly rate and shorter payment period, including Settlement Commission orders and transition rule.
Section 220 is amended to shorten the payment window to thirty days and to replace the prior annual interest formula with a monthly interest charge applied for every month or part of a month from the day after the payment period until payment; the proviso is expanded to include orders of the Settlement Commission, and a transitional proviso directs that periods spanning the amendment date attract the new monthly interest rate for the portion after that date.
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