Additional liability to pay general interest charge
25A Additional liability to pay general interest charge
Commissioner may give notice
If general interest charge (the primary general interest charge) is payable by a person under section 21 or 22, the Commissioner may give a notice to the person specifying a date after which general interest charge will apply under this section. The specified date must be at least 30 days after the notice is given.
Liability to pay general interest charge
If any of the primary general interest charge remains unpaid after the day specified in the notice, the person is liable to pay general interest charge on the unpaid amount.
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.
General interest charge period
The person is liable to pay the general interest charge for each day in the period that:
started at the beginning of the day specified in the notice; and
finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
primary general interest charge;
general interest charge on primary general interest charge.
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