XN000022-1996-03-04 — Page 20

19

As a large number of people are expected to turn up, visitors are advised not to travel by private car or taxi.

Road.

If they do come by car or taxi, they are advised not to alight on Upper Albert

End

New interest rate on tax reserve certificate authorised

The Secretary for the Treasury has authorised a decrease in the rate of interest payable on tax reserve certificates, it was gazetted last Friday (March 1).

As from March 4, the new annual interest rate will be 5.28 per cent as against the current rate of 5.64 per cent.

Interest on tax reserve certificates is calculated in monthly steps and the new rate will be $0.44 per month per $100. Simple interest will be credited as before in respect of complete months between purchase and surrender in payment of tax.

Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to the holders of such certificates.

The new rate will apply to all certificates issued on or after March 4.

Certificates which were issued before that day, subject to the general rule that interest ceases to accrue after 36 complete months, will continue to earn interest at the rates prevailing on their respective issue dates as follows:

3% per annum

3.84% per annum

4.56% per annum

for certificates issued on or after July 8, 1992, and before March 30, 1994;

for certificates issued on or after March 30, 1994, and before May 25, 1994;

for certificates issued on or after May 25, 1994, and before August 24, 1994;

Page 20Page 21