Thank you, Mr. Chair. I am here to present Bill 54, the Standard Interest Rate Statutes Amendment Act.
Bill 54 would make legislative amendments to adopt a standard interest rate that would be applied to all Government of the Northwest Territories overdue receivables. This proposal would lower the interest rate charged on receivables while linking the interest rate charged to the Canadian economy and monetary policy.
Currently, the interest rate applied under the Financial Administration Act and all taxation legislation varies creating an administratively complex situation leading to confusion for Northwest Territories residents and companies doing business with the GNWT. This legislation will ensure a standard interest rate is applied. Thank you, Mr. Chair.