The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 2nd quarter of the 2014-15 financial year (ie 1 October 2014 to 31 December 2014) are as follows:
- GIC annual rate is 9.63%;
- GIC daily compounding rate is 0.02638356%;
- SIC annual rate is 5.63%;
- SIC daily compounding rate is 0.01542466%
[LTN 173, 8/9/14]