A 2
[Subsidiary]
CAP. 289] Tax Reserve Certificates (Fourth Series) [1980 Ed. Rules
L.N. 222/78.
L.N. 271/78.
L.N. 46/79.
L.N. 115/79.
L.N. 267/79.
L.N. 66/80.
L.N. 66/80.
L.N. 202/73.
Duty to refund balance after payment of tax.
Duty to repay principal value of certificate,
Prohibition against transfer of certificate or obligations created.
(2) In paragraph (1), "the prescribed rate" means-
(a) in relation to certificates issued on or after 19 September 1975 and before 17 February 1977, 4.2% per annum;
(b) in relation to certificates issued on or after 17 February 1977 and before 22 September 1978, 3% per annum;
(c) in relation to certificates issued on or after 22 September 1978 and before 24 November 1978, 3.24% per annum;
(d) in relation to certificates issued on or after 24 November 1978 and before 16 February 1979, 5.04% per annum;
(e) in relation to certificates issued on or after 16 February 1979 and before 4 May 1979, 5.76% per annum;
(f) in relation to certificates issued on or after 4 May 1979 and before 26 October 1979, 8.04% per annum;
(g) in relation to certificates issued on or after 26 October 1979 and before 11 April 1980, 8.4% per annum; and
(h) in relation to certificates issued on or after 11 April 1980, such rate of interest as may be fixed by the Financial Secretary from time to time and is in force at the date of issue thereof.
(2A) Notice of any rate of interest fixed under paragraph (2)(h) shall be published in the Gazette.
(3) Where the total amount of interest paid on certificates used at any one time for the payment of tax includes a number of cents, such number of cents shall be regarded as $1.00.
8. Where a taxpayer tenders a certificate in payment of tax, and the certificate is of greater value than the tax payable, interest shall be calculated under the provisions of rule 7 on the amount of tax payable and a new certificate shall be issued for such part of the balance which is capable of division into multiples of $50.00 and the new certificate shall bear the same date as the certificate tendered. The remaining portion of the balance, if any, shall be refunded to the taxpayer in cash.
9. The Commissioner shall repay the holder on demand the principal value of any certificate but shall not pay any interest thereon.
10. Certificates or the obligations created thereby may not be transferred except as may be ordered by a court of competent jurisdiction.