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PRESS RELEASE
(Source : Government Information Centre)
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Interest on Tax Reserve Certificates
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Government Gazette published on January 30, 2003 contains a Legal
Notice to the effect that the Secretary for Financial Services and
the Treasury has authorized a change in the rate of interest payable
on Tax Reserve Certificates. As from February 4, 2003, the new annual
rate of interest will be 0.0542% as against the current rate of
0.0583%, that is the new rate will be $0.0045 per month per $100.
Tax Reserve Certificates bear simple interest and interest is calculated
monthly (including part of a month) from the date of purchase to
the date of 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 its holder.
The rate of interest payable on Tax Reserve Certificates is periodically
revised in line with the market trend. Currently, it is reviewed
every month based on the average of the prevailing six-month time
deposit interest rates for $100,000 offered by the three note-issuing
banks.
The new rate will apply to all certificates purchased on or after
February 4, 2003. Certificates which were purchased before February
4, 2003 will continue to earn interest at the rates prevailing on
their respective purchase dates. More interest rate information
can be found in the Inland Revenue Department website < http://www.info.gov.hk/ird
>. The public can also obtain a copy of Tax Reserve Certificate
Interest Rate Table from our 24-hour information hotline at 1878
033. What follows is a summary of the interest rates for the past
months:-
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for certificates purchased |
0.7167% per annum |
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on or after April 2, 2002 |
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and before May 6, 2002, |
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for certificates purchased |
0.5812% per annum |
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on or after May 6, 2002 |
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and before June 3, 2002, |
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for certificates purchased |
0.2812% per annum |
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on or after June 3, 2002 |
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and before July 2, 2002, |
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for certificates purchased |
0.1908% per annum |
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on or after July 2, 2002 |
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and before November 4, 2002, |
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for certificates purchased |
0.2308% per annum |
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on or after November 4, 2002 |
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and before December 2, 2002, |
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for certificates purchased |
0.0583% per annum |
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on or after December 2, 2002 |
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and before February 4, 2003; and |
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for certificates purchased |
0.0542% per annum |
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on or after February 4, 2003 |
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until further notice. |
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This is always subject to the general rule that interest ceases
to accrue after 36 complete months.
End/Thursday, January 30, 2003
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