TUESDAY, JULY 29, 1980
INTEREST ON TAX RESERVE CERTIFICATES
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GOVERNMENT GAZETTE EXTRAORDINARY TO BE PUBLISHED TOMORROW (JULY 30, 1980) CONTAINS A LEGAL NOTICE TO THE EFFECT THAT THE FINANCIAL SECRETARY HAS AUTHORISED A DECREASE IN THE RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES.
AS FROM TOMORROW (JULY 30, 1980), THE NEW ANNUAL RATE OF INTEREST WILL BE 6.24 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF 7.2 PER CENT (TAX FREE).
INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE 52 CENTS PER MONTH PER $100.
INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETED MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX.
INTEREST IS ONLY CREDITED WHEN CERTIFICATES ARE USED TO PAY TAX AND 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 JULY 30, 1980.
CERTIFICATES WHICH WERE ISSUED BEFORE JULY 30, 1980 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:
4.2 PER CENT
3 PER CENT
3.24 PER CENT
5.04 PER CENT
5.76 PER CENT
8.04 PER CENT
8.4 PER CENT
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER SEPTEMBER 19, 1975 AND BEFORE FEBRUARY 17, 1977-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER FEBRUARY 17, 1977 AND BEFORE SEPTEMBER 22, 1978-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER SEPTEMBER 22, 1978 AND BEFORE NOVEMBER 24, 1978-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER NOVEMBER 24, 1978 AND BEFORE FEBRUARY 16, 1979-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER FEBRUARY 16, 1979 AND BEFORE MAY 4, 1979-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MAY 4, 1979 AND BEFORE OCTOBER 26, 1979-
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER OCTOBER 26, 1979 AND BEFORE APRIL 11, 1980-
/10.5 PER CENT