MONDAY, MAY 26, 1980
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TAX EXEMPTION ON EARNED INTEREST
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INTEREST PAYABLE BY LICENSED BANKS, BY CERTAIN PUBLIC UTILITIES AND BY THE GOVERNMENT AT RATES OF UP TO 9 PER CENT PËR ANNUM WILL BE EXEMPT FROM INTEREST TAX FROM TODAY (MONDAY).
IN ANNOUNCING THIS, A GOVERNMENT SPOKESMAN SAID IT REPRESENTS A REDUCTION OF 1-1/2 PER CENT IN THE EXEMPTION LIMIT, AND FOLLOWS THE ANNOUNCEMENT BY THE EXCHANGE BANKS' ASSOCIATION ON SATURDAY THAT THE RATE OF INTEREST PAYABLE ON SAVINGS ACCOUNTS WOULD BE REDUCED TO 9 PER CENT WITH EFFECT FROM TODAY.
THE SPOKESMAN POINTED OUT THAT THE REDUCED RATE OF EXEMPTION APPLIES TO INTEREST ON ALL TIME DEPOSITS PAID ON AND AFTER TODAY, INTEREST AT A RATE ABOVE 9 PER CENT ON ANY SUCH TIME DEPOSIT WILL NOT BE EXEMPTED FROM INTEREST TAX, EVEN THOUGH THE RATE OF INTEREST MAY HAVE BEEN BELOW THE EXEMPTION CEILING IN FORCE AT THE TIME WHEN THE DEPOSIT WAS PLACED.
A NOTICE SIGNED BY THE ACTING FINANCIAL SECRETARY UNDER SECTION 28(1) OF THE INLAND REVENUE ORDINANCE IS PUBLISHED IN AN EXTRAORDINARY ISSUE OF THE GAZETTE TODAY.
SECTION OF ROBINSON RD CLOSED
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ROBINSON ROAD BETWEEN PARK ROAD AND THE ACCESS ROAD LEADING TO HOUSE NOS. 111-113 WILL BE CLOSED FROM 10 AM ON WEDNESDAY (MAY 28) FOR ABOUT A WEEK FOR ROAD WORKS.
DURING THE SAME PERIOD, ANOTHER SECTION OF THE ROAD BETWEEN THE ACCESS ROAD AND OAKLANDS AVENUE WILL BE RE-ROUTED TWO WAY.
TRAFFIC SIGNS WILL BE SET UP TO GUIDE MOTORISTS,
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WATER CUT ***
WATER SUPPLY TO AN AREA OF WESTERN DIS.ICT ON HONG KONG ISLAND WILL BE INTERRUPTED FOR SEVEN HOURS FROM 11 PM ON WEDNESDAY (MAY 28) TO 6 AM THE FOLLOWING MORNING FOR A LEAKAGE TEST.
THE AREA IS BOUNDED BY HIGH STREET, EASTERN STREET, FIRST STREET AND WESTERN STREET, AND INCLUDES PREMISES ON POKFULAM ROAD FROM HONG KONG UNIVERSITY TO HIGH STREET.