B.C. Reg. 327/2004, deposited July 8, 2004, pursuant to the INTERNATIONAL FINANCIAL ACTIVITY ACT [Sections 9, 33, 35 and 65]. Order in Council 704/2004, approved and ordered July 7, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective September 1, 2004, the following regulation is made:

INTERNATIONAL FINANCIAL ACTIVITY REGULATION

Definition

1 In this regulation, "Act" means the International Financial Activity Act.

Registration fee

2 (1) For the purposes of section 9 (2) (c) of the Act, the prescribed fee is $5 000.

(2) The prescribed amount of the fee in subsection (1) that is non-refundable if registration is refused is $1 000.

Interest on tax refunds, refundable fees and recoverable amounts

3 (1) Interest payable under sections 33 (2) and (3) and 35 (2) of the Act must be calculated on a daily basis and compounded monthly.

(2) For the purposes of section 33 (2) and (3) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in every year, 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

(3) For the purposes of section 35 (2) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in every year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

— R. THORPE, Minister of Provincial Revenue; G. BRUCE, Presiding Member of the Executive Council.

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