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MONDAY, JUNE 2, 1980
THE INFORMATION COLLECTED WOULD BE HANDLED IN STRICT CONFIDENCE AND WOULD BE PUBLISHED ONLY IN THE FORM OF STATISTICAL SUMMARIES WITHOUT REFERENCE TO ANY INDIVIDUAL ESTABLISHMENT.
AS THE INFORMATION IS IMPORTANT FOR FORMULATING MEANINGFUL TRAINING PLANS FOR THE BENEFIT OF THE INDUSTRY, CO-OPERATION OF THOSE COVERED IN THE SURVEY IS SINCERELY SOLICITED, HE ADDED.
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 7-1/2 PER CENT PER ANNUM WILL BE EXEMPT FROM INTEREST TAX FROM TODAY (MONDAY).
A GOVERNMENT SPOKESMAN SAID THIS REPRESENTED A REDUCTION OF 1-1/2 PER CENT IN THE EXEMPTION LIMIT, AND FOLLOWED THE ANNOUNCEMENT BY THE EXCHANGE BANKS' ASSOCIATION ON SATURDAY THAT THE RATE OF INTEREST PAYABLE ON SAVINGS ACCOUNTS WOULD BE REDUCED TO 7-1/2 PER CENT WITH EFFECT FROM TODAY.
HE POINTED OUT THAT THE REDUCED RATE OF EXEMPTION APPLIED TO INTEREST ON ALL TIME DEPOSITS PAID ON AND AFTER TODAY.
INTEREST AT A RATE ABOVE 7-1/2 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, HE SAID.
A NOTICE SIGNED BY THE ACTING FINANCIAL SECRETARY UNDER SECTION 28 (1) OF THE INLAND REVENUE ORDINANCE HAS BEEN PUBLISHED
IN AN EXTRAORDINARY ISSUE OF THE GOVERNMENT GAZETTE TODAY.
NOTE TO EDITORS:
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METRICATION PUBLICITY CAMPAIGN
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THE METRICATION COMMITTEE WILL HOLD A PRESS CONFERENCE TO ANNOUNCE THE LAUNCHING OF THE METRICATION PUBLICITY CAMPAIGN ON WEDNESDAY (JUNE 4) AT 2.30 PM IN THE GIS THEATRE, FIFTH FLOOR, BEACONSFIELD HOUSE, QUEEN'S ROAD CENTRAL, HONG KONG.
PROF S.Y. KING, CHAIRMAN OF THE METRICATION COMMITTEE- MR PAUL YIN, VICE-CHAIRMAN OF THE PUBLIC RELATIONS SUB-COMMITTEE- MR PETER SO, SECRETARY, METRICATION COMMITTEE, AND MR J.F. MCGUINNIETY, SENIOR METRICATION OFFICER, WILL MEET THE PRESS TO INTRODUCE THE CAMPAIGN.
YOU ARE INVITED TO SEND YOUR REPRESENTATIVES TO COVER THE PRESS CONFERENCE.
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