Budget Savings (Omnibus) Act 2016 (55 of 2016)

Schedule 12 Interest charge

Repeal the section, substitute:

205AAE Penalty interest rate

(1) The penalty interest rate is:

(a) 3% per year; or

(b) if another percentage is determined in an instrument under subsection (2) - that percentage per year.

(2) The Minister may, by legislative instrument, determine a percentage for the purposes of paragraph (1)(b).