Interest rate for calculation of normal price in the event of non-standard payment terms
Pursuant to Section 4 of Regulation No. 7 of 17 December 1976 concerning the use of normal prices in tax assessments, the normal price must be adjusted upon the sale of oil with credit which extends beyond 30 days. The adjustment must be based on the interest rate for treasury bills with a term of 12 months, plus 0.5 percent.
The daily interest can therefore be calculated at the rate of 0.003 percent ((0.42 + 0.5) / 365).