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THURSDAY, MAY 29, 1980
INTEREST ON TAX RESERVE CERTIFICATES
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THE NEW ANNUAL RATE OF INTEREST ON TAX RESERVE CERTIFICATES WILL BE 9 PER CENT AS FROM TOMORROW (MAY 30), AGAINST THE CURRENT RATE OF 10.5 PER CENT.
TOMORROW'S ISSUE OF THE GOVERNMENT GAZETTE WILL CONTAIN A LEGAL NOTICE TO THE EFFECT THAT THE FINANCIAL SECRETARY HAS AUTHORISED THIS DECREASE IN THE RATE OF INTEREST PAYABLE ON THE CERTIFICATES.
INTEREST ON TAX RESERVE CERTIFICATES IS TAX-FREE AND IS CALCULATED IN MONTHLY STEPS THE NEW RATE WILL BE 75 CENTS PER MONTH PER $100. IT WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETED MONTHS BETWEEN PURCHASE AND SURRENDER WHEN CERTIFICATES ARE USED TO PAY TAX. NO INTEREST IS DUE WHERE THE PRINCIPAL VALUE OF A CERTIFICATE IS REPAID IN CASH.
THE NEW RATE WILL APPLY TO ALL CERTIFICATES ISSUED ON OR AFTER MAY 30.
CERTIFICATES ISSUED BEFORE THIS DATE WILL CONTINUE TO EARN INTEREST AS FOLLOWS:-
RATE PER ANNUM
ISSUE DATE
4.2%
SEPTEMBER 19, 1975 TO FEBRUARY 16, 1977
3%
FEBRUARY 17, 1977 TO SEPTEMBER 21, 1978
3.24%
5.04%
5.76%
8.04%
SEPTEMBER 22, 1978 TO NOVEMBER 23, 1978
NOVEMBER 24, 1978 TO FEBRUARY 15, 1979
FEBRUARY 16, 1979 TO MAY 3, 1979
MAY 4, 1979 TO OCTOBER 25, 1979
8.4%
10.5%
OCTOBER 26, 1979 TO APRIL 10, 1980
APRIL 11, 1980 TO MAY 29, 1980
HOWEVER THERE IS A GENERAL RULE THAT INTEREST CEASES TO ACCRUE AFTER 36 COMPLETED MONTHS WITHOUT SURRENDER FOR PAYMENT OF TAX.
/THE FOLLOWING
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