3.
-
WEDNESDAY, AUGUST 18, 1976
BIG INCREASE IN THE SALE OF TAX RESERVE CERTIFICATES
******
A RECORD $63.9 MILLION WORTH OF TAX RESERVE CERTIFICATES WERE SOLD BY THE INLAND REVENUE DEPARTMENT IN THE LAST FINANCIAL YEAR.
THIS REPRESENTED AN INCREASE OF 178 PER CENT OVER THE PREVIOUS YEAR FIGURE.
THE INCREASE INDICATED A GROWING AWARENESS BY TAXPAYERS OF THE WISDOM OF MAKING ADEQUATE PROVISION DURING THE YEAR FOR THEIR ANNUAL TAX LIABILITIES.
AS IN PREVIOUS YEARS, ABOUT 90 PER CENT OF THE TOTAL SALES WAS TO BANKS ON BEHALF OF TAXPAYERS WITH STANDING INSTRUCTIONS.
TAX FREE INTEREST RATE PAID TO THE BUYERS OF THE CERTIFICATES BY THE GOVERNMENT HAS BEEN REDUCED FROM 5.7 PER CENT PER ANNUM TO 4.2 PER CENT PER ANNUM FOR CERTIFICATES ISSUED AFTER SEPTEMBER 19, LAST YEAR.
CERTIFICATES ARE OBTA INABLE FROM THE COUNTER AT THE DEPARTMENT'S MAIN COLLECTION OFFICE AND AT BRANCH OFFICES IN KOWLOON AND TSUEN WAN.
THE FOLLOWING TABLE SHOWS THE GROWTH OF THE SALE OF TAX RESERVE CERTIFICATES BETWEEN APRIL 1971 AND AT THE END OF THE LAST FINANCIAL YEAR:
1971/72
1972/73
1973/74
SALES -
-
NUMBER OF
CERTIFICATES
23,038
VALUE
$11,893,450
26,040
$14,954,850
25,142
$16,682,700
REDEMPTION
NUMBER OF
CERTIFICATES
VALUE
22,954
$11,205,450
23,499
25,700
$13,055,050
$16,335,400
INTEREST
$ 235,040
291,271
443,882
SALES NUMBER OF
-
CERTIFICATES
VALUE
1974/75
1975/76
26,929
36,477
$23,050,250
$63,868,920
/REDEMPTION
No comments yet.
Private notes are available after approval.