British Columbia Order in Council — Order under Income Tax, s (O.C. 34/2022)

O.C. 34/2022

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 18, 2020, the attached Recovery Benefit Regulation is made. Minister of Finance Presiding Member of the Executive Council (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Income Tax Act, R.S.B.C. 1996, c. 215, s. 269 Other: R10518812 January 20, 2022 RECOVERY BENEFIT REGULATION Definition In this regulation, “Act” means the Income Tax Act. Interest payable to government 2

(1) For the purposes of section 252 (3) of the Act, interest payable to the government under Part of the Act must be cal culated on a daily basis and compounded monthly.

(2) For the purposes of section 252 (3) of the Act, the rate of interest prescribed is, during each successive 3 month period be ginning on April 1, July 1, October and January in each year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 34/2022
Type	order_in_council
Volume / chapter	arc oic 0034 2022
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	837b3aabdef7aa22bddb2c7a185d9dc7c971a7ba

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