Interest rate

—(1) The interest rate for this Part is– (a) one and one-half per cent per month or part of that rate, compounded monthly for underpayments of tax; and (b) one percent per month or part of that rate, compounded monthly, for refunds. (2) This section does not apply to refunds payable under the Income Tax Act. (3) Notwithstanding sub-section (1), the Minister may vary the interest rate by Order published in the Gazette. Tax Administration and Procedure CAP. 51 59