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TUESDAY, SEPTEMBER 17, 1991
INTEREST ON TAX RESERVE CERTIFICATES
THE FINANCIAL SECRETARY HAS AUTHORISED A DECREASE IN THE RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES.
A NOTICE TO THIS EFFECT WAS PUBLISHED IN THE GAZETTE YESTERDAY
(MONDAY).
INTEREST
AS FROM TOMORROW (WEDNESDAY), THE NEW ANNUAL RATE OF WILL BE 5.52 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF SIX PER CENT (TAX FREE).
INTEREST ON TAX RESERVE CERTIFICATE IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $0.46 PER MONTH PER $100. INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETE MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX.
INTEREST IS ONLY CREDITED WHEN CERTIFICATES- ARE USED ΤΟ 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 SEPTEMBER 18, 1991.
AFTER
CERTIFICATES WHICH WERE ISSUED BEFORE SEPTEMBER 18, 1991 WILL CONTINUE TO EARN INTEREST AS FOLLOWS:
7.80 PER CENT
8.28 PER CENT
7.80 PER CENT
7.32 PER CENT
6.84 PER CENT
7.08 PER CENT
8.04 PER CENT
7.56 PER CENT
7.08 PER CENT
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MARCH 8, 1989 AND BEFORE MARCH 22, 1989;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MARCH 22, 1989 AND BEFORE JUNE 22, 1989;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JUNE 22, 1989 AND BEFORE JULY 12, 1989;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JULY 12, 1989 AND BEFORE AUGUST 9, 1989;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER AUGUST 9, 1989 AND BEFORE MARCH 7, 1990;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MARCH 7, 1990 AND BEFORE APRIL 4, 1990;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER APRIL 4, 1990 AND BEFORE AUGUST 15, 1990;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER AUGUST 15, 1990 AND BEFORE OCTOBER 24, 1990;
PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER OCTOBER 24, 1990 AND BEFORE JANUARY 30, 1991;
/6.60 PER CENT