TUESDAY, APRIL 2, 117
TAX RESERVE CERTIFICATE INTEREST RATE CUT
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AS FROM TOMORROW (WEDNESDAY), THE NEW ANNUAL RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES WILL BE 5.04 PER CENT
(TAX FREE) AS AGAINST THE CURRENT RATE OF 5.52 PER CENT (TAX FREE).
NOTICE OF THIS WAS PUBLISHED YESTERDAY (MONDAY) IN THE
GOVERNMENT GAZETTE.
INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $0.42 PER MONTH PER $100. INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETED MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX, A SPOKESMAN FOR THE INLAND REVENUE DEPARTMENT SAID.
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 3 APRIL 1985.
CERTIFICATES WHICH WERE ISSUED BEFORE 3 APRIL 1985 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:-
7.
PER ANNUM FOR CERTIFICATES ISSUED ON OP AFTER 10 FEBRUARY 1984 AND BEFORE 23 MARCH 1984;
5.16% PER ANNUM FOR CERTIFICATES ISSUED ON OR BEFORE
23 MARCH 1984 AND BEFORE 18 MAY 1984;
8.4 % PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER
18 MAY 1984 AND BEFORE 6 JULY 1984;
10.78%
12.849
10.8 %
9.6 %
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER 6 JULY 1984 AND BEFORE 13 JULY 1984;
PER ANNUM FOR CERTIFICATES ISSUED ON OF AFTER 13 JULY 1984 AND BEFORE 10 AUGUST 1984;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER 10 AUGUST 1984 AND BEFORE 31 AUGUST 1984;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER 31 AUGUST 1984 AND BEFORE 5 OCTOBER 1984
8.52% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER
5 OCTOBER 1984 AND BEFORE 31 OCTOBER 1984;
8.04%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER 31 OCTOBER 1984 AND BEFORE 28 NOVEMBER 1984;
/7.565%
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