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Air Travellers Security Charge Act

Version of section 27 from 2003-01-01 to 2007-03-31:

Marginal note:Compound interest on amounts not paid when required

  •  (1) If a person fails to pay an amount, other than an amount of penalty under subsection 53(1), to the Receiver General as and when required under this Act, the person shall pay to the Receiver General interest on the amount. The interest shall be compounded daily at the prescribed rate and computed for the period that begins on the first day after the day on or before which the amount was required to be paid and that ends on the day the amount is paid.

  • Marginal note:Payment of interest that is compounded

    (2) For the purposes of subsection (1), interest that is compounded on a particular day on an unpaid amount of a person is deemed to be required to be paid by the person to the Receiver General at the end of the particular day, and, if the person has not paid the interest so computed by the end of the day after the particular day, the interest shall be added to the unpaid amount at the end of the particular day.

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