XN000022-1973-10-26 — Page 10

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TH

Friday, October 26, 1973

A new feature being introduced, he added, was the requirement

to round up the total interest on all certificates used at any one time

in payment of a tax demand to the nearest dollar.

"This is done to avoid any complication taxpayers may have in

deciding the exact amount of interest for set-off where calculations

involve cents and half a cent.

"It is to be noted that the adjustment is in respect of the

total interest on certificates used and not in respect of the interest

on each certificate used.'

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An example of this rounding up is given below:-

Exampl e

The following certificates

(A) purchased 26th April 1973

$1,000

(B) purchased 27th July 1973

$1,500

(C) purchased 28th November 1973

$2,000

$4,500

vere submitted on account of a tax demand for $5,162 due on

10th February 1974.

Interest on (A) 6 months @ $3.50

$21.00

3 months @ $4.75

$14.25

$35.25

on (B) 3 months @ $5.25

$15.75

3 months @ $7.125

$21.375

$37.125

on (C) 2 months @ $9.50

$19.00

Interest

$91.375

Demand note

Tax Reserve Certificates

$5,162

$4,500

Interest thereon

92

..592

Cash due

570

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