WEDNESDAY, OCTOBER 15, 1980
5
HIGHER INTEREST ON TAX CERTIFICATES
*****
THE NEW ANNUAL RATE OF INTEREST ON TAX RESERVE CERTIFICATES WILL BE 8.16 PER CENT AS FROM TOMORROW (OCTOBER 16), AGAINST THE CURRENT RATE OF 6.24 PER CENT.
A NOTICE TO THE EFFECT THAT THE FINANCIAL SECRETARY HAS AUTHORISED THIS INCREASE IN THE RATE OF INTEREST WILL BE PUBLISHED IN THE GOVERNMENT GAZETTE TOMORROW.
INTEREST ON TAX RESERVE CERTIFICATES IS TAX-FREE AND IS CALCULATED IN MONTHLY STEPS THE NEW RATE WILL BE 68 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 TOMORROW OR AFTER TOMORROW.
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
7.2%
27.6.80
29.7.80
6.24%
30.7.80
15.10.80
HOWEVER THERE IS A GENERAL RULE THAT INTEREST CEASES TO ACCRUE AFTER 36 COMPLETED MONTHS WITHOUT SURRENDER FOR PAYMENT OF TAX.
THE FOLLOWING