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I beg to move Amendment No. 75, in page 51, line 38, to leave out from 'prescribed' to the end of line 39 and to insert:
'interest payable by virtue of this section shall be waived or shall be reduced to such extent as may be determined in accordance with the regulations'.
I believe that this Amendment might be acceptable to the Opposition, because it fulfils a promise which I made in the Standing Committee. It gives the Minister power to reduce the amount of interest payable, as well as to waive it.
I congratulate the Government on accepting the spirit of the Amendment which I moved in Committee upstairs. They could not accept my wording then, and I must congratulate them on managing to find a variation on it. I moved that the amount of interest payable should be reduced or waived, and now we have an Amendment that it should be waived or reduced. That is the substance of the change which the Government have managed to make. To be fair, they have added:
in accordance with the regulations
but as the subsection starts with the words,
Regulations made for the purposes of this section",
the last few words of the Amendment are redundant. The Government have
shown the greatest ingenuity to avoid accepting the Amendment which I originally moved.