Clause 211 amends section 33.4 of the Customs Act, which currently imposes an obligation to pay interest on duties owing on imported goods from the day after liability to pay occurs. The intent of the change is to establish in regulation the point when the interest will start accruing, as well as to allow an interest-free period to pay duties in respect of goods released prior to accounting, which is effectively most commercial importations. This interest-free period in regulation is subject to limits that are being created in this subsection and that will be at least 12 days and no more than 18 days.
The intent here of these amendments is together to facilitate the establishment in regulation of a single harmonized payment due date for all goods released prior to accounting, rather than being separated by due dates strictly fixed on the number of days after each importation.
(Clause 211 agreed to on division)
(On clause 212)