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Penalty interest, also called penalty APR (penalty annual percentage rate), [1] default interest, interest for/on late payment, statutory interest for/on late payment, [2] [3] interest on arrears, or penal interest, in money lending and in sales contracts is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.
The Late Payment of Commercial Debts (Interest) Act 1998 [1] (c. 20) is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to England, Scotland and Northern Ireland.
The Late Payment Directive, 2011/7/EU [1] is a Directive of the European Union concerning commercial late payments. It replaced the previous Late Payment Directive 2000/35/EC. [2] Like all European Union directives, this is an instrument which requires member states to enact its provisions in national legislation by 16 March 2013. [3]
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]
The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [33]
In accounting and finance, flat interest rate mortgages and loans calculate interest based on the amount of money a borrower receives at the beginning of the loan. However, if repayment is scheduled to occur at regular intervals throughout the term, the average amount to which the borrower has access is lower and so the effective or true rate ...
From April 2009 to December 2012, if you bought shares in companies when William S. Thompson, Jr. joined the board, and sold them when he left, you would have a 22.1 percent return on your investment, compared to a 67.8 percent return from the S&P 500.
The most frequently discussed versions of a currency transaction tax are the Tobin tax, Edgar L. Feige's Automated Payment Transaction tax and Spahn tax. The Automated Payment Transaction tax requires that all transactions be taxed regardless of the means of payment. As such, it proposes a unique tax on currency transactions collected at the ...