XN000022-1977-12-18 — Page 6

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SUNDAY, DECEMBER 18, 1977

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LODGE TAX RESERVE CERTIFICATES EARLIER TAXPAYERS TOLD

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AN INLAND REVENUE DEPARTMENT SPOKESMAN SAID TODAY THAT TAX RESERVE CERTIFICATE HOLDERS COULD MINIMISE INCONVENIENCE TO THEMSELVES IF THEY LODGED THEIR CERTIFICATES, WITH THEIR DEMAND NOTES, SOME THREE OR FOUR WEEKS BEFORE THE DUE DATE FOR OF THEIR TAX.

PAYMENT

SENDING IN THEIR

THE SPOKESMAN EMPHASISED THAT TAXPAYERS TAX RESERVE CERTIFICATES AT ANY TIME UP TO ONE MONTH BEFORE THE DUE DATE WOULD NOT SUFFER LOSS OF INTEREST.

THE SPOKESMAN SAID : +EXPERIENCE HAS SHOWN THAT VERY MANY TAX RESERVE CERTIFICATE HOLDERS SEND IN THEIR CERTIFICATES AND DEMAND NOTES JUST A FEW DAYS BEFORE THEIR TAX IS DUE WITH CASH OR A CHEQUE FOR THE DIFFERENCE BETWEEN THE FACE VALUE OF THE CERTIFICATES AND THE ACTUAL TAX DUE.

+THIS MEANS THAT A REFUND HAS TO BE MADE TO THEM, AFTER THE NECESSARY CALCULATIONS HAVE BEEN MADE, IN RESPECT OF THE INTEREST ACCRUED ON THE CERTIFICATES SURRENDERED.+

HE DESCRIBED THE ABOVE PROCEDURE AS A SOURCE OF INCONVENIENCE AND DELAY FOR BOTH THE TAXPAYER AND THE DEPARTMENT'.

+BY SENDING IN THE IR TAX RESERVE CERTIFICATES, WITH THEIR DEMAND NOTES, SOME THREE OR FOUR WEEKS AHEAD OF THE DUE DATE, THEY WILL ALLOW THE COLLECTION OFFICE TIME TO MAKE ALL NECESSARY CALCULATIONS AND TO ADVISE THEM WELL BEFORE THE DUE DATE OF THE EXACT AMOUNT REMAINING DUE, FOR SETTLEMENT BY CASH OR CHEQUE,+

HE ADDED.

HOWEVER, HE POINTED OUT THAT THOSE CERTIFICATES LODGED MORE THAN A MONTH BEFORE THE DUE DATE COULD ONLY EARN INTEREST UP TO THE DATE OF SURRENDER.

THE DEPARTMENT'S TAX RESERVE CERTIFICATES SECTION WILL BE FACING A VERY BUSY PERIOD AS INCREASING NUMBERS OF PEOPLE ARE PURCHASING TAX RESERVE CERTIFICATES NOWADAYS, AND MANY SALARIES TAX DEMAND NOTES BEGIN TO FALL DUE IN MID-JANUARY 1978.

IN THE PAST EIGHT MONTHS, ENDING NOVEMBER 30, TAX RESERVE CERTIFICATES TO THE VALUE OF 117.5 MILLION DOLLARS HAVE BEEN PURCHASED, COMPARED WITH 60.1 MILLION DOLLARS WORTH IN THE SAME PERIOD LAST YEAR.

CERTIFICATES MAY BE BOUGHT BY TAXPAYERS FROM THE INLAND REVENUE DEPARTMENT EITHER DIRECTLY OR THROUGH THEIR BANKERS.

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