Section EK 6 — Income Tax Act 2007: Interest on payments to environmental restoration account

EK 6 Interest on payments to environmental restoration account Interest payable (1) Interest is payable by the Commissioner on— (a) a payment under section EK 2 to an environmental restoration account: (b) an amount that is treated under section EK 15 , EK 16 , or EK 19 as being a payment to an environmental restoration account. Period (2) Interest is computed with daily rests from the day after the date of the payment until the day before the date on which the payment is included in a refund under section EK 12 or in a transfer under section EK 15 , EK 16 , or EK 19 . Date to which interest accrues (3) Interest that has accrued on a payment is payable to the person who has the environmental restoration account on the earlier of— (a) 31 March in each year: (b) the day on which the payment is included in a refund under section EK 12 or in a transfer under section EK 15 , EK 16 , or EK 19 . Rate (4) The interest rate is 3% per year. Defined in this Act: Commissioner , environmental restoration account , interest , pay , year , Compare: 2004 No 35 s EK 6