(1) Tax payable under this Act which is not paid by the date upon which it becomes due and payable bears interest at the rate of 1.25% per month or part of a month for the period during which it remains unpaid.
(2) The rate of interest under this section may be altered from time to time by Order made by the Minister, and such Order is subject to the affirmative resolution of the House.
(3) Interest paid by a person under subsection (1) must be refunded to the person to the extent that the tax to which it relates is subsequently determined not to have been due and payable.
(4) The provisions of this Act relating to the payment, collection and recovery of tax apply to any interest charged under this section as if the interest were tax due under this Act.
(5) Interest payable under this section is in addition to the late payment penalty imposed under section 46(4).