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THURSDAY, JULY 12, 1984
TAX RESERVE INTEREST RATE RISES
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FROM TOMORROW (FRIDAY), THE NEW ANNUAL RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES WILL BE 12.84% (TAX FREE) AS AGAINST THE CURRENT RATE OF 10.08% (TAX FREE).
NOTICE OF THIS WILL BE GAZETTED TOMORROW, AN INLAND REVENUE DEPARTMENT SPOKESMAN SAID TODAY.
+ INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $1.07 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 BY A CHEQUE, HE SAID.
THE NEW RATE WILL APPLY TO ALL CERTIFICATES ISSUED ON OR AFTER JULY 13, 1984.
CERTIFICATES WHICH WERE ISSUED BEFORE JULY 13, 1984 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:~
14.4% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER OCTOBER 16, 1981 AND BEFORE DECEMBER 4, 1981;
12%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER DECEMBER 4, 1981 AND BEFORE JUNE 4, 1982;
10.8% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JUNE 4, 1982 AND BEFORE AUGUST 27, 1982;
9%
7.8%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER AUGUST 27, 1982 AND BEFORE DECEMBER 3, 1982;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER DECEMBER 3, 1982 AND BEFORE MAY 27, 1983;
10.2% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER
MAY 27, 1983 AND BEFORE OCTOBER 28, 1983;
12%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER OCTOBER 28, 1983 AND BEFORE NOVEMBER 7, 1983;
9.6% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER
NOVEMBER 7, 1983 AND BEFORE FEBRUARY 10, 1984; 7.8% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER
FEBRUARY 10, 1984 AND BEFORE MARCH 23, 1934; 5.16% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MARCH 23, 1984 AND BEFORE MAY 18, 1984;
/8.4 PER