THURSDAY, OCTOBER 4, 1984
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DR CHAN SAID VERY LARGE PRIVATE BUILDING PROJECTS DUE TO START INCLUDED THE KORNHILL AND REDHILL RESIDENTIAL HOUSING PROJECTS AND THE NEW BANK OF CHINA BUILDING.
SOME OF THOSE UNDER CONSTRUCTION WERE THE HONG KONG ACADEMY FOR PERFORMING ARTS, EXCHANGE SQUARE AND THE NEW HEADQUARTERS FOR THE HONG KONG BANK, HE SAID.
DR CHAN RETURNS TO HONG KONG ON OCTOBER 7.
TAX RESERVE INTEREST CUT
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THE FINANCIAL SECRETARY HAS AUTHORISED A DECREASE IN THE RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES. AS FROM OCTOBER 5, 1984, THE NEW ANNUAL RATE OF INTEREST WILL BE 8.52 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF 9.6 PER CENT (TAX FREE).
INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $0.71 PER MONTH PER $100. INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETED MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX.
DETAILS ARE CONTAINED IN THE GOVERNMENT GAZETTE OF FRIDAY, OCTOBER 5.
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.
THE NEW RATE WILL APPLY TO ALL CERTIFICATES ISSUED ON OR AFTER OCTOBER 5, 1984.
CERTIFICATES WHICH WERE ISSUED BEFORE OCTOBER 5, 1984 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:~
10.8%
9%
7.8%
10.2%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JUNE 4, 1982 AND BEFORE AUGUST 27, 1982; 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;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MAY 27, 1983 AND BEFORE OCTOBER 28, 1983;
/12%
PER