Income Tax (Rate of Interest) (Amendment) Rules, 2022

L.N. 228 of 2022

INCOME TAX MANAGEMENT ACT

(CAP. 372)

Income Tax (Rate of Interest) (Amendment) Rules, 2022

IN EXERCISE of the powers conferred by article 58 of the

Income Tax Management Act, the Minister responsible for finance has

made the following rules:-

(1) The title of these rules is the Income Tax (Rate of

Interest) (Amendment) Rules, 2022 and these rules shall be read and

construed as one with the Income Tax (Rate of Interest) Rules,

hereinafter referred to as "the principal rules".

(2) These rules shall be deemed to have come into force on 1st

June 2022.

The second proviso to rule 2 of the principal rules shall be

substituted by the following new proviso

"Provided further that when the date by which the tax

is payable in terms of the relevant provisions of the Income Tax

Acts is the 31st August 2022 or a later date, interest shall be

charged at the rate of zero point six per cent (0.6%) for every

month or part thereof during which the tax remains unpaid and

the total interest shall not exceed the amount of the said tax.".

€0.09