TUESDAY, APRIL 7, 1987
3
TAX CERTIFICATE INTEREST INCREASED
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AS FROM THURSDAY (APRIL 9), THE NEW ANNUAL RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES WILL BE 3.36 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF 3.00 PER CENT (TAX FREE).
NOTICE OF THIS WAS PUBLISHED IN AN EXTRAORDINARY ISSUE OF
THE GAZETTE TODAY (TUESDAY).
INTEREST ON TAX RESERVE CERTIFICATES IS CALCUALTED IN MONTHLY STEPS AND THE NEW RATE WILL BE $0.28 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 APRIL 9, 1987.
CERTIFICATES ISSUED BEFORE APRIL 9, 1987 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JANUARY 30, 1985 AND BEFORE APRIL 3, 1985;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER APRIL 3, 1985 AND BEFORE APRIL 24, 1985:
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER APRIL 24, 1985 AND BEFORE MAY 22, 1985;
5.52%
5.04%
4.56%
4.08%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MAY 22, 1985 AND BEFORE JUNE 27, 1985;
3.60%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JUNE 27, 1985 AND BEFORE JULY 17, 1985;
3.36%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JULY 17, 1985 AND BEFORE JULY 23, 1985;
2.76%
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JULY 23, 1985 AND BEFORE SEPTEMBER 4, 1985:
/3.36% PER