THURSDAY, NOVEMBER 20, 1980
9
HIGHER INTEREST ON TAX RESERVE CERTIFICATES
*****
THE NEW ANNUAL RATE OF INTEREST ON TAX RESERVE CERTIFICATES WILL BE 9.84 PER CENT FROM TOMORROW (NOVEMBER 21), AGAINST THE CURRENT RATE OF 8.16 PER CENT,
AN AUTHORISATION NOTICE 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 82 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 FROM TOMORROW.
CERTIFICATES PREVIOUSLY ISSUED WILL CONTINUE TO EARN INTEREST
AS FOLLOWS:
ISSUE DATE
RATE PER ANNUM
19.9.75
16.2.77
4.29%
17.2.77
-
21.9.78
3%
22.9.78
23.11.78
3.24%
24.11.78
-
15.2.79
5.04%
16.2.79
3.5.79
5.76%
4.5.79
25.10.79
8.04%
26.10.79
-
- 10.4.80
8.4%
11.4.80
-
29.5.80
10.5%
30.5.80 - 26.6.80
9%
27.6.80
29.7.80
7.2%
30.7.80
-
15.10.80
6.24%
16.10.80 - 20,11,80
8.16%
HOWEVER INTEREST CEASES TO ACCRUE AFTER 36 COMPLETED MONTHS WITHOUT SURRENDER OF CERTIFICATE FOR PAYMENT OF TAX.
THE FOLLOWING
Page 10Page 11