F
FRIDAY, JUNE 27, 1980
8
NEW INTEREST RATE ON TAX CERTIFICATES
*****
THE NEW ANNUAL RATE OF INTEREST ON TAX RESERVE CERTIFICATES WILL BE 7.2 PER CENT AS FROM TODAY (JUNE 27), AGAINST THE PREVIOUS RATE OF 9 PER CENT.
A NOTICE TO THE EFFECT THAT THE FINANCIAL SECRETARY HAS AUTHORISED THIS DECREASE IN THE RATE OF INTEREST WAS PUBLISHED IN THE GOVERNMENT GAZETTE.
INTEREST ON TAX RESERVE CERTIFICATES IS TAX-FREE AND IS CALCULATED IN MONTHLY STEPS THE NEW RATE WILL BE 60 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 TODAY.
CERTIFICATES PREVIOUSLY ISSUED WILL CONTINUE TO EARN INTEREST AS FOLLOWS:-
RATE PER ANNUM
ISSUE DATE
4.2%
19.9.75
16.2.77
3%
17.2.77 21.9.78
3.24%
22.9.78
-
23.11.78
5.04%
24.11.78 15.2.79
5.76%
16.2.79 - 3.5.79
8.04%
4.5.79
25.10.79
8.4%
26.10.79
=
10.4.80
10.5%
11.4.80
-
29.5.80
9%
30.5.80
26.6.80
HOWEVER THERE IS A GENERAL RULE THAT INTEREST CEASES TO ACCRUE AFTER 36 COMPLETED MONTHS WITHOUT SURRENDER FOR PAYMENT OF TAX.
THE FOLLOWING