SUNDAY, SEPTEMBER 4, 1977
TAX RESERVE CERTIFICATES POPULAR
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THE SALE OF TAX RESERVE CERTIFICATES REACHED A RECORD $102.3 MILLION IN THE FINANCIAL YEAR 1976-77.
THIS REPRESENTED AN INCREASE OF MORE THAN 60 PER CENT OVER THE PREVIOUS YEAR, ACCORDING TO STATISTICS PUBLISHED BY THE
INLAND REVENUE DEPARTMENT.
COMMENTING ON THE INCREASE IN SALES, THE COMMISSIONER OF INLAND REVENUE, MR. R. V. GIDDY, SAID THAT THIS INDICATED A GROWING AWARENESS BY TAXPAYERS OF THE ADVANTAGE OF BUILDING UP A RESERVE FUND FOR THE PAYMENT OF TAX.
+THIS IS INDICATIVE THAT PRUDENT TAXPAYERS ARE MAKING ADEQUATE PROVISION TO MEET THEIR ANNUAL TAX LIABILITIES,+ MR. GIDDY NOTED.
DURING THE SAME YEAR, REDEMPTION OF THESE CERTIFICATES AMOUNTED TO $81.6 MILLION AND TAX-FREE INTEREST PAID ON THEM WAS $1.3 MILLION,
FOLLOWING THE TREND IN COMMERCIAL INTEREST RATES, THE
RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES HAS BEEN REDUCED FROM 4.2 PER CENT TO 3 PER CENT PER ANNUM FOR CERITFICATES ISSUED ON OR AFTER FEBRUARY 17, THIS YEAR.
AS IN PREVIOUS YEARS, ABOUT 90 PER CENT OF THE TOTAL NUMBER OF CERTIFICATES WERE BOUGHT BY BANKS ON BEHALF OF TAXPAYERS WITH STANDING INSTRUCTIONS.
TAX RESERVE CERTIFICATES MAY BE PURCHASED IN UNITS OF $50 THROUGH BANKS OR AT THE INLAND REVENUE DEPARTMENT'S MAIN COLLECTION OFFICE IN CLUB LUSITANO BUILDING, GROUND FLOOR, 16, ICE HOUSE STREET, CENTRAL, AND AT BRANCH OFFICES IN OLD HONG KONG AND SHANGHAI BANK BUILDING REAR PORTION, 1ST FLOOR, 664 NATHAN ROAD, KOWLOON AND IN ON YUE BUILDING, GROUND FLOOR, 132 TSUEN WAN MARKET STREET, TSUEN WAN.