TAX RESERVE CERTIFICATES ORDINANCE, 1955.
(No. 66 of 1955).
Tax Reserve Certificates (Fourth Series) Rules, 1962.
In exercise of the powers conferred by section 3 of the Tax Reserve Certificates Ordinance, 1955, the Governor has made the following rules---
Commence-
1. These rules may be cited as the Tax Reserve Certificates Citation and (Fourth Series) Rules, 1962 and shall come into operation on the 1st ment. day of April. 1962.
2. Certificates, which, upon application being made in such form Leave of as the Commissioner shall prescribe, may be obtained from the office certificates.
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 Applications application of an agent authorized by the taxpayer in writing for the by agents of issue or redemption of certificates in the name and on behalf of the taxpayer.
taxpayers.
repayment in
4. Certificates applied for by such agent will be registered in the Registration, name of the taxpayer on whose behalf the application was made. Such acceptance, certificates will be accepted in settlement of tax due from the person respect of in whose name the certificate la registered or repayment will be made certificates to that person or to his duly authorized"agent.
applied for by agents.
5. Every certificate shall be as in Form I in the Schedule and Form of shall be subject to these rules,
certificate.
Schedule,
Form 1.
to accept
6. The Commissioner, or any officer authorized by him for the Duty of purpose, shall accept certificates, in amounts sufficient to meet the Commissioner total amount of tax outstanding or any part thereof, at their face value certificates together with the interest accrued thereon as the equivalent of cash for in payment the payment of any or all of the taxes specified in the Schedule to the of specified Ordinance.
COLI
7. Simple interest at the rate of 3.6% per annum commencing Paymeal of from the first day of the month following the date of issue to the first interest and day of the month in which the certificate is accepted for payment of method of tax shall be paid on all certificates so accepted:
calculation.