XN000022-1980-12-09 — Page 9

TUESDAY, DECEMBER 9, 1980

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HIGHER CEILING FOR TAX EXEMPTION ON INTEREST EARNED

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INTEREST PAYABLE BY LICENSED BANKS, BY CERTAIN PUBLIC UTILITIES AND BY THE GOVERNMENT AT RATES OF UP TO 11 PER CENT PER ANNUM WILL BE EXEMPTED FROM INTEREST TAX FROM TODAY (TUESDAY).

A GOVERNMENT SPOKESMAN SAID THIS REPRESENTED AN INCREASE OF 1 PER CENT IN THE EXEMPTION LIMIT AND FOLLOWED THE ANNOUNCEMENT BY THE EXCHANGE BANKS' ASSOCIATION ON SATURDAY THAT THE RATE OF INTEREST PAYABLE ON SAVINGS ACCOUNTS WOULD BE SIMILARLY RAISED TO 11 PER CENT ALSO WITH EFFECT FROM TODAY.

SECTION 28 OF THE INLAND REVENUE ORDINANCE HAS BEEN AMENDED, BY A PUBLIC REVENUE PROTECTION ORDER SIGNED THIS MORNING BY THE GOVERNOR, TO RAISE FROM 10-1/2 PER CENT TO 11 PER CENT THE INTEREST RATE CEILING UP TO WHICH THE FINANCIAL SECRETARY HAS POWER TO EXEMPT INTEREST FROM TAX.

THE PUBLIC REVENUE PROTECTION ORDER, AND THE NOTICE SIGNED BY THE FINANCIAL SECRETARY, ARE PUBLISHED IN AN EXTRAORDINARY GAZETTE TODAY.

TRAFFIC ARRANGEMENTS

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THE NORTH SIDE OF TAK WAH STREET BETWEEN HAM TIN STREET AND YAN CHAI STREET IN TSUEN WAN WILL BE DESIGNATED A PUBLIC LIGHT BUS RESTRICTED ZONE FROM 10 AM ON FRIDAY (DECEMBER 12).

UNLESS WITH WRITTEN AUTHORISATION, PLB'S WILL NOT BE ALLOWED TO STOP FOR PASSENGERS OR TO LOAD OR UNLOAD GOODS WITHIN THIS ZONE.

ALSO FROM 10 AM ON FRIDAY, EASTBOUND VEHICLES ALONG WATERLOO ROAD WILL BE PERMITTED TO TURN RIGHT INTO SHANGHAI STREET.