Senator Kenneally referred to the new regime in the Bill providing a general right to repayment of tax. The new scheme reduced the interest rate from 0.0161% to 0.011% per day. It also replaces the existing provisions which apply interest on payments of preliminary tax. In future, the interest will only apply from six months after the date on which the claim was made. Accordingly, the question of taxpayers banking with Revenue by overpaying their tax should not arise. The rates paid and charged by Revenue must reflect the difference between deposit and borrowing rates available commercially if the rate charged on underpaid taxes is to encourage timely payment. The new provisions represent a fair and transparent scheme applying across all taxes and to all taxpayers.