SC INFORMATION LETTER #16-7

For fiscal year 2016-2017 (July 1, 2016 through June 30, 2017), Budget Provisos 93.7 and 117.86 direct the Revenue Department to reduce the rate of interest paid on eligible refunds by a total of three percentage points. The interest rate to be applied to underpayments and overpayments of taxes is listed.

Net Present Value Table – 2% per annum Weeks 1 through 100 Effective June 27, 2014

This table gives the net present value at 2 per cent for weeks 1 through 100.

Net Present Value Table – 2% per annum Weeks 101 through 500 Effective June 27, 2014

This table gives the net present value at 2 per cent for weeks 101 through 500.