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Version date: 9 July 2024 - 29 September 2025
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138. Interest on arrears of contributions

(1) Any contribution payable by an employer shall carry interest from the date when the contribution becomes due and payable until payment and the amount of that interest shall be determined in accordance with subsection (2).

(2) The interest referred to in subsection (1) shall be determined by the following formula -

C × D × P

where -

C is the contribution due and payable which remains unpaid,

D is the number of days (including part of a day) during which the contribution remains unpaid, and

P is the rate of interest payable at a daily rate of 0.0274 per cent.

(3) The interest payable under this section shall be -

(a) payable without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Tax Acts, and

(b) deemed to be a debt due to the Authority and shall be payable to the Authority.

(4) In proceedings under this section -