37. Rate of interest

(1) The rate of simple interest payable under Section 36 shall be one and one half per cent per month:

(a) from the date the tax had become payable to the date of its payment or to the date of any assessment under this Act, whichever is earlier; and

(b) from the date on which any amount payable under this Act was due.

(2) For the purpose of this Section interest in respect of parts of a month shall be computed proportionately and month shall mean any period of thirty days.