I-3 - Taxation Act

Section 1040.1 Disposition versions

2006-03-01

1040.1. Notwithstanding section 1040, the interest payable by a taxpayer under the said section shall not exceed the amount by which the interest that would be payable by the taxpayer under the said section if he had made no payments exceeds the amount obtained by computing interests at the rate of 10% capitalized daily on each payment made by the taxpayer, for the period extending from the day of the payment to the taxpayer’s balance-due day.

1988, c. 4, s. 128; 1989, c. 5, s. 215; 1993, c. 16, s. 336; 1997, c. 31, s. 124.