1980 Ed.] Tax Reserve Certificates (Fourth Series) [CAP. 289
Rules
[Subsidiary]
G.N.A. 25/62.
TAX RESERVE CERTIFICATES (FOURTH SERIES)
RULES
(Cap 289, section 3)
L.N. 96/67. L.N. 114/70.
L.N. 202/73.
L.N. 221/75.
L.N. 222/78.
L.N. 271/78.
L.N. 46/79.
L.N. 115/79.
L.N. 267/79.
L.N. 66/80.
[1 April 1962.]
1. These rules may be cited as the Tax Reserve Certificates (Fourth Series) Rules.
2. Certificates, which, upon application being made in such form as the Commissioner shall prescribe, may be obtained from the office of the Commissioner, shall be issued by the Commissioner in any amount which is a multiple of $50.00.
3. Any taxpayer may authorize the Commissioner to accept the application of an agent authorized by the taxpayer in writing for the issue or redemption of certificates in the name and on behalf of the taxpayer.
4. Certificates applied for by such agent will be registered in the name of the taxpayer on whose behalf the application was made. Such certificates will be accepted in settlement of tax due from the person in whose name the certificate is registered or repayment will be made to that person or to his duly authorized agent.
5. Every certificate shall be as in Form 1 in the Schedule and shall be subject to these rules.
6. The Commissioner, or any officer authorized by him for the purpose, shall accept certificates, in amounts sufficient to meet the total amount of tax outstanding or any part thereof, at their face value together with the interest accrued thereon as the equivalent of cash for the payment of any or all of the taxes specified in the Schedule to the Ordinance.
7. (1) Simple interest at the prescribed rate for each month in the period commencing on the date of issue and ending on the date on which the certificate is accepted for payment of tax shall be paid on all certificates so accepted:
Provided that-
(a) interest shall not be paid on any certificate for more than 36 months;
(b) where a certificate is only partially used in payment of tax, interest shall be calculated on an amount to the nearest $50.00 above the amount of the tax.