Interest Rate for Customs Purposes Regulations (SOR/86-1121)

Regulations are current to 2017-09-14

Interest Rate for Customs Purposes Regulations

SOR/86-1121

CUSTOMS ACT

SPECIAL IMPORT MEASURES ACT

CUSTOMS TARIFF

Registration 1986-12-04

Regulations Prescribing Rules for Determining a Rate of Interest for Customs Purposes

P.C. 1986-2712 1986-12-04

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 164(2) of the Customs ActFootnote *, subsection 13(6)Footnote ** of the Customs Tariff, section 44 of the Duties Relief ActFootnote *** and subsection 97(2)Footnote **** 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

Short Title

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

Interpretation

 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

 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

A ÷ 12

where

A
is the simple arithmetic mean 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.
  • SOR/89-53, s. 1;
  • SOR/92-517, s. 1;
  • SOR/97-557, s. 3.

 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.

  • SOR/92-517, s. 1;
  • SOR/97-557, s. 3.

 [Repealed, SOR/97-557, s. 3]

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