159D Calculation of interest on unpaid duty and other amounts.
(1) In this section—
“period of delay”, in relation to any unpaid duty or other amount referred to in a specified provision, means the period referred to in the specified provision in respect of which period interest is chargeable, charged, payable or recoverable, as the case may be, in accordance with that provision;
“specified provision” means any section of this Act other than section 126(7) which provides for interest to be charged, chargeable, payable or recoverable, as the case may be, in respect of any unpaid duty or other amount due and payable under that section.
(2) The amount of interest charged, chargeable, payable or recoverable in respect of any unpaid duty or other amount due and payable or recoverable under a specified provision shall be the amount determined by the formula—
A × D × P
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the period of delay, and
P is 0.0273 per cent.