NEW RATES OF INTEREST PAID BY AND TO CUSTOMS & EXCISE
December 12 2003 As a result of recent changes in base lending rates, the rates of interest paid by and to Customs & Excise will increase from 6th December 2003.

An Order of the Commissioners of Customs and Excise was issued on 3 December 2003 with the effect that the rate of default interest charged on underdeclared VAT, Air Passenger Duty, Insurance Premium Tax, Landfill Tax, Climate Change Levy, Aggregates Levy and customs and excise duties will increase from 5.5 per cent to 6.5 per cent per annum; and the rate of statutory interest paid by Customs & Excise in cases of official error will increase from 2 per cent to 3 per cent per annum.

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