Draft bill foresees cut in interest rate for state's arrears to private sector

The government on Wednesday tabled a draft provision in Parliament envisioning a lower interest rates for the state's arrears to the private sector, from 6 to 3 percent.

The interest tacked on to arrears owed by a business or individual taxpayer to the state had been set at a salty 8 percent, with the draft legislation also foreseeing a cut in this rate as well, possibly to half that rate.