40NFinancial accommodation levy

40N Financial accommodation levy

(1) A leviable authority must pay to the Treasurer for payment into the Consolidated Fund a levy, in respect of each leviable period, in respect of financial accommodation provided to the authority, or in respect of such part of that accommodation as the Treasurer determines from time to time.

(2) The levy payable by a leviable authority in respect of each leviable period is determined by multiplying the liabilities of the authority in respect of the financial accommodation to which the levy relates as at the end of that leviable period by a percentage rate determined in relation to that authority by the Treasurer, or a person authorised by the Treasurer, in respect of the financial year in which the leviable period falls, being a rate that, in the opinion of the Treasurer or authorised person, does not exceed the difference between—

(a) the annual interest or discount rate and other costs of the financial accommodation; and

(b) the estimated annual interest or discount rate and other costs of the financial accommodation that would apply if the leviable authority were not a public authority.

(3) The Treasurer or authorised person may, in determining the levy in accordance with subsection (1), have regard to such matters as the Treasurer or person determines.

(4) The levy is payable at such times, and in such manner, as the Treasurer determines and may be recovered as a debt due to the State.

(5) In this section, leviable period, in relation to a leviable authority, means a financial year or such shorter period as the Treasurer determines from time to time in relation to that authority.

S. 40O inserted by No. 43/1995 s. 9.