Deductions for permitted finance charges

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..... ebt incurred; (b) the amount of interest paid to trade creditors; (c) the amount of interest paid to any participant to the extent it is in accordance with the agreement of the association and relates to the period falling after the date of the agreement; (d) the amount of any charge or fee paid in respect of any credit facility which has not been utilized; .....

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..... . (3) The amount of interest on any capital borrowed or debt incurred, which is payable to any permitted financial institution, shall be allowed as a deduction, regardless of anything contained in sub-section (1), in the financial year in which the amount is actually paid or in the financial year in which the liability has accrued, whichever is later. (4) Any interest referred to in sub-sect .....

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