| Tax Information
: Judgment
Interest Rate
| The
information on this home page is for reference only. The
rate of interest fixed by the Chief Justice pursuant to
section 50 of the District Court Ordinance are published
by notice in the Gazette. In case of dispute the Gazette
rate shall prevail. |
Pursuant to section 50 of the District
Court Ordinance, judgment debts shall carry interest on the total
amount of the judgment debt, or on the part that for the time being
remains unsettled, from the date of the judgment until full settlement.
Pursuant to sections 71(9)(e)(ii)
and 71(10) of the Inland Revenue Ordinance, for tax held over pending
outcome of objection or appeal cases, interest at the rate specified
in subsection (11) shall be payable on the amount of tax that becomes
payable upon the withdrawal or final determination of the objection
or appeal. Section 71(11) of the Ordinance states that "the rate
of interest specified for the purposes of subsections (9)(e)(ii)
and (10) shall be the rate fixed by the Chief Justice by notice
in the Gazette under section 50 of the District Court Ordinance
(Cap.336)".
Section 75(1) of the Inland Revenue
Ordinance states that "tax due and payable under this Ordinance
shall be recoverable as a civil debt due to the Government". Pursuant
to the District Court Ordinance, the judgment debt shall carry interest
from the commencement of proceedings till full settlement.
The interest rate for computing the
amount of the interest concerned as published in the Gazette Notice
is as follows:-
|
Effective Date |
Annual Rate |
1 April 2009
|
8.000% |
1 January 2009
|
8.192% |
|
1 October 2008
|
8.250% |
|
1 July 2008 |
8.353% |
|
1 April 2008 |
9.398% |
|
1 January 2008 |
10.420% |
|
1 April 2007 |
10.750% |
|
1 January 2007 |
10.934% |
|
1 October 2006 |
11.000% |
|
1 July 2006 |
10.921% |
|
1 April 2006 |
10.711% |
|
1 January 2006 |
10.088% |
|
1 October 2005 |
9.234% |
|
1 July 2005 |
8.245% |
|
1 April 2005 |
8.000% |
|
1 January 2005 |
8.069% |
|
1 April 2003 |
8.000% |
|
1 January 2003 |
8.093% |
|
1 July 2002 |
8.125% |
|
1 April 2002 |
8.140% |
|
1 January 2002 |
8.720% |
|
1 October 2001 |
9.820% |
|
1 July 2001 |
10.860% |
|
1 April 2001 |
12.080% |
| 1 October 2000 |
12.500% |
|
1 July 2000 |
11.980% |
|
1 April 2000 |
11.540% |
|
1 January 2000 |
11.500% |
|
1 October 1999 |
11.260% |
|
1 July 1999 |
11.540% |
|
1 April 1999 |
11.940% |
|
1 January 1999 |
12.860% |
|
1 October 1998 |
13.000% |
|
1 July 1998 |
13.080% |
|
1 April 1998 |
12.900% |
|
1 January 1998 |
12.060% |
|
1 July 1997 |
11.680% |
|
1 July 1996 |
11.500% |
|
1 April 1996 |
11.750% |
|
1 July 1995 |
12.000% |
|
1 April 1995 |
11.630% |
|
1 January 1995 |
10.720% |
|
1 October 1994 |
10.300% |
|
1 July 1994 |
9.730% |
|
1 January 1993 |
9.500% |
|
1 October 1992 |
9.690% |
|
1 July 1992 |
11.270% |
|
1 June 1992 |
11.500% |
|
1 April 1992 |
11.500% |
|
1 January 1992 |
11.280% |
|
1 December 1991 |
12.000% |
|
1 November 1991 |
12.250% |
|
1 September 1991 |
12.500% |
|
1 August 1991 |
13.500% |
|
1 July 1991 |
12.660% |
|
1 April 1991 |
12.500% |
|
1 March 1991 |
12.940% |
|
1 February 1991 |
13.110% |
|
1 November 1990 |
10.860% |
|
1 May 1990 |
10.000% |
|
1 November 1989 |
10.800% |
|
1 May 1989 |
10.000% |
|
1 November 1988 |
8.125% |
|
1 May 1988 |
6.125% |
|
1 November 1987 |
7.000% |
|
1 May 1987 |
6.000% |
|
1 November 1986 |
7.500% |
|
1 May 1986 |
7.000% |
|
1 November 1985 |
7.750% |
|
1 May 1985 |
11.250% |
|
1 November 1984 |
13.000% |
|
25 November 1983 |
13.500% |
|
16 May 1983 |
11.000% |
For further information about objections
and appeals, please see Objections &
Appeals, Payment of Tax
in Dispute & Interest on Tax Held-over.
For further information about judgment
debt and recovering tax in default, please see Recovering
Tax in Default. |
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