Amendment to the Interest Rate Rules for Income Tax

LN 228 of 2022 has revised the second proviso to Rule 2 of the Income Tax (Rate of Interest) Rules, specifying that where the date by which tax is payable under the Income Tax Acts is 31 August 2022 or later date, interest shall be charged at the monthly rate of 0.6% and that the total interest shall not exceed the amount of the said tax.