XN000022-1978-12-23 — Page 2

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SATURDAY, DECEMBER 23, 1978

LODGE TAX RESERVE CERTIFICATES EARLY

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TAX RESERVE CERTIFICATE HOLDERS CAN MINIMISE INCONVENIENCE TO THEMSELVES IF THEY LODGE THE IR CERTIFICATES, WITH THEIR DEMAND NOTES, SOME THREE OR FOUR WEEKS BEFORE THE DUE DATE OF THEIR TAX PAYMENT.

AN INLAND REVENUE DEPARTMENT SPOKESMAN SAID TAXPAYERS SENDING IN THEIR TAX RESERVE CERTIFICATES AT ANY TIME UP TO ONE MONTH BEFORE THE DUE DATE WOULD NOT SUFFER LOSS OF INTEREST.

THEY SHOULD SEND IN THEIR CERTIFICATES AND DEMAND NOTES WITH CASH OR CHEQUE FOR THE DIFFERENCE BETWEEN THE FACE VALUE OF THE CERTIFICATES AND THE FIRST INSTALMENT OF TAX DUE. INTEREST EARNED ON THE CERTIFICATES WILL BE REFUNDED BY A CHEQUE.

+IN SO DOING, TAXPAYERS NEED NOT BOTHER THEMSELVES WITH CALCULATING INTERÉST EARNED ON THE CERTIFICATES AND MAY LEAVE THE WORK TO THE DEPARTMENT'S STAFF, THE SPOKESMAN SAID.

+BY SENDING IN THEIR 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 NECCESSARY CALCULATIONS. THE SPOKESMAN 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 IS FACING A VERY BUSY PERIOD AS MORE PEOPLE ARE PURCHASING TAX RESERVE CERTIFICATES AND MANY SALARIES TAX DEMAND NOTES BEGIN TO FALL DUE IN EARLY JANUARY, 1979.

IN THE PAST EIGHT MONTHS, ENDING NOVEMBER 30, 44,141 TAX RESERVE CERTIFICATES WERE PURCHASED, COMPARED WITH 35,992 IN THE SAME PERIOD LAST YEAR. CERTIFICATES MAY BE BOUGHT BY TAXPAYERS FROM THE INLAND REVENUE DEPARTMENT EITHER DIRECTLY OR THROUGH THE IR BANKERS.

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