Interest Rate Under Various Statutes Regulation(B.C. Reg. 386/92).

This Regulation outlines the rules and formula of various interest rates under different Acts and is divided into 5 parts as follows: 1 Interest rate on amounts due under certain Acts; 2 Interest rate under Assessment Authority Act; 3 Interest rate re Taxation (Rural Area) Act; 4 Interest rate re School Act and 5 Interest rate re Motor Fuel Tax Act. Of interest is part 1, which prescribes the formula in calculating the rate of interest under section 130-(1) (b), of The Forest Act. Section 130 (1) (b), of the Act outlines Liens, that is, money required to be paid to the government under certain circumstances which shall bear "interest as prescribed". Moreover The Forest Accounts Receivable Interest Regulation, B.C. Reg. 406/98 section 3 (1) also cross refers to this Regulation for its formula, when calculating interest rates on the forest accounts.