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Reduction of penalty and interest in wash transaction situations: Rv3-1/16-3-1-2010E-PDF

"This memorandum supersedes GST/HST Memorandum 16.3.1, Reduction of Penalty and Interest in Wash Transaction Situations, dated September 2000. In this memorandum, Part I sets out the guidelines for the reduction of penalty and interest in wash transaction situations where the amount of penalty and interest has been assessed under section 280 of the Excise Tax Act (the Act) for transactions for which net tax was remittable or an amount was payable to the Receiver General before April 1, 2007. Part II sets out the guidelines for the reduction of interest assessed under section 280 of the Act in wash transaction situations where the net tax was remittable or an amount was payable to the Receiver General after March 31, 2007. The information in this memorandum applies only to amounts assessed under section 280 of the Act. It does not apply to the tax on the importation of goods, which is paid and collected under the Customs Act"--p. [1].

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Department/Agency Canada Revenue Agency.
Title Reduction of penalty and interest in wash transaction situations
Series Title GST/HST memoranda series
Publication Type Series - View Master Record
Language [English]
Other Language Editions [French]
Format Electronic
Electronic Document

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Note Issued also in French under title: Réduction des pénalités et des intérêts dans les cas d'opérations sans effet fiscal. Caption title. "April 2010." Chapter 16.3.1 of the GST/HST memoranda series.
Date 2010.
Number of Pages 7 p.
Catalogue Number
  • Rv3-1/16-3-1-2010E-PDF
Subject Terms Goods and services tax, Harmonized sales tax