Interest Rate for Customs Purposes Regulations

Contents

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 164(2) of the Customs Act, subsection 13(6) of the Customs Tariff, section 44 of the Duties Relief Act and subsection 97(2) of the Special Import Measures Act, is pleased hereby to make the annexed Regulations prescribing rules for determining a rate of interest for customs purposes, effective(a) on the coming into force of subsection 164(2) and sections 174 and 210 of the Customs Act, for the purposes of that Act, section 13 of the Customs Tariff and the Special Import Measures Act; and(b) on the coming into force of section 44 of the Duties Relief Act, for the purposes of sections 42 and 43 of that Act.^note^note^note^note

Short Title

1 #

These Regulations may be cited as the Interest Rate for Customs Purposes Regulations.

Interpretation

2 #

In these Regulations, quarter means a three-month period ending on March 31, June 30, September 30 or December 31. (trimestre)

Determination of Rate of Interest

3 #

For the purposes of any provision of the Customs Act and the Customs Tariff requiring interest to be paid in respect of each month or fraction of a month in a period, and for the purposes of any provision of the Special Import Measures Act requiring interest to be paid, the prescribed rate of interest in effect during any quarter is the rate (expressed as a percentage per month and rounded to the nearest one tenth of a percentage or, if the percentage is equidistant from two consecutive multiples of one tenth of a percentage, to the higher thereof) determined by the formula^note

4 #

For the purposes of any provision of the Customs Act and the Customs Tariff requiring interest to be paid, other than a provision for which section 3 applies, the prescribed rate of interest in effect during any quarter is the simple arithmetic mean (expressed as a percentage per year and rounded to the nearest one tenth of a percentage or, if the percentage is equidistant from two consecutive multiples of one tenth of a percentage, to the higher thereof) of all amounts each of which is the average equivalent yield (expressed as a percentage per year) of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that were sold at auctions of Government of Canada Treasury Bills during the first month of the immediately preceding quarter.^note

5 #

[Repealed, SOR/97-557, s. 3] (repealed)

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.