Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 59(3.1)a and (3.4)b and section 277c of the Excise Tax Act, hereby makes the annexed Interest Rates (Excise Tax Act) Regulations.R.S., c. 15 (1st Supp.), s. 23(2)S.C. 2003, c. 15, s. 96S.C. 1993, c. 27, s. 125InterpretationDefinitionsThe following definitions apply in these Regulations.Act means the Excise Tax Act. (Loi)basic rate, in respect of a particular quarter, means the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury Bills during the first month of the quarter preceding the particular quarter. (taux de base)quarter means any period of three consecutive months beginning on January 1, April 1, July 1 or October 1. (trimestre)Prescribed Rates of InterestGeneral ratesFor the purposes of the Act, the prescribed rate of interest in effect during a particular quarter isin the case of interest to be paid to the Receiver General, the sum of the basic rate in respect of the particular quarter and 4%;in the case of interest to be paid or applied on an amount payable by the Minister to a person (other than a corporation), the sum of the basic rate in respect of the particular quarter and 2%;in the case of interest to be paid or applied on an amount payable by the Minister to a corporation, the basic rate in respect of the particular quarter; andin any other case, the sum of the basic rate in respect of the particular quarter and 4%.SOR/2008-36, s. 1; 2010, c. 12, s. 94[Repealed, SOR/2008-36, s. 2]Repeal[Repeal]Coming into ForceRetroactivityThese Regulations are deemed to have come into force on July 1, 2003.