TAX RESERVE CERTIFICATES (FOURTH SERIES) RULES

TAX RESERVE CERTIFICATES (FOURTH SERIES) RULES

TAX CERTIFICATES (FOURTH
SERIES)
RULES



[1 April 1962.]

1. These rules may be cited as the Tax Reserve Certificates (Fourth
Series) Rules.

2. Certificates, which, upon application being made in such form as
the Commissioner shall prescribe, may be obtained from the office of the
Commissioner, shall be issued by the Commissioner in any amount
which is a multiple of $50.00.

3. Any taxpayer may authorize the Commissioner to accept the
application of an agent authorized by the taxpayer in writing for the
issue or redemption of certificates in the name and on behalf of the
taxpayer.

4. Certificates applied for by such agent will be registered in the
name of the taxpayer on whose behalf the application was made. Such
certificates will be accepted in settlement of tax due from the person in
whose name the certificate is registered or repayment will be made to
that person or to his duly authorized agent.

5. Every certificate shall be as in Form 1 in the Schedule and shall
be subject to these rules.

6. The Commissioner, or any officer authorized by him for the
purpose, shall accept certificates, in amounts sufficient to meet the total
amount of tax outstanding or any part thereof, at their face value
together with the interest accrued thereon as the equivalent of cash for
the payment of any or all of the taxes specified in the Schedule to the
Ordinance.

7. (1) Simple interest at the prescribed rate for each month in the
period commencing on the date of issue and ending on the date on
which the certificate is accepted for payment of tax shall be paid on all
certificates so accepted:

Provided that

(a)interest shall not be paid on any certificate for more than 36
months,

(b)where a certificate is only partially used in payment of tax,
interest shall be calculated on an amount to the nearest $50.00
above the amount of the tax.







(2) In paragraph (1), 'the prescribed rate' means-

(a)in relation to certificates issued on or after 19 September 1975
and before 17 February 1977, 4.2% per annum;

(b)in relation to certificates issued on or after 17 February 1977
and before 22 September 1978, 3% per annum;

in relation to certificates issued on or after 22 September 1978
and before 24 November 1978, 3.24% per annum;

(d)in relation to certificates issued on or after 24 November 1978
and before 16 February 1979, 5.04% per annum;

(e)in relation to certificates issued on or after 16 February 1979
and before 4 May 1979, 5.76 % per annum;

in relation to certificates issued on or after 4 May 1979 and
before 26 October 1979, 8.04 % per annum;

(g)in relation to certificates issued on or after 26 October 1979
and before 11 April 1980, 8.4% per annum; and

(h)in relation to certificates issued on or after 11 April 1980, such
rate of interest as may be fixed by the Financial Secretary from
time to time and is in force at the date of issue thereof.

(2A) Notice of any rate of interest fixed under paragraph (2)(h)
shall be published in the Gazette.

(3) Where the total amount of interest paid on certificates used at
any one time for the payment of tax includes a number of cents, such
number of cents shall be regarded as $1.00.

8. Where a taxpayer tenders a certificate in payment of tax, and the
certificate is of greater value than the tax payable, interest shall be
calculated under the provisions of rule 7 on the amount of tax payable
and a new certificate shall be issued for such part of the balance which
is capable of division into multiples of $50.00 and the new certificate
shall bear the same date as the certificate tendered. The remaining
portion of the balance, if any, shall be refunded to the taxpayer in cash.

9. The Commissioner shall repay the holder on demand the
principal value of any certificate but shall not pay any interest thereon.

10. Certificates or the obligations created thereby may not be
transferred except as may be ordered by a court of competent
jurisdiction.





11. The Commissioner may refuse to accept any certificate tendered
in payment of tax or he may refuse repayment to the holder of the
principal value thereof until he is satisfied that the signature on the
reverse of such certificate is that of the holder, his duly authorized
agent or his personal representative or, where the holder is a
partnership, body of persons or corporation, that of a partner or official
authorized to sign on behalf of the holder.

12. The Commissioner may. on being satisfied upon such evidence
as he may require. issue upon such conditions as he may impose a
duplicate of any certificate which has been lost, mislaid, destroyed or
mutilated.

SCHEDULE

TAX RESERVE
CERTIFICATE

[r. S.]

This Certificate is issued by the Commissioner of Inland Revenue in
acknowledgement of the sum stated below, and entitles the applicant to repayment
of the sum so stated together with any interest which might accrue, in accordance
with the conditions set out in the Tax Reserve Certificates (Fourth Series) Rules.

Date Purchased

Receipt No For official reference

AMOUNT

REVERSE OF FORM

INSTRUCTIONS

Delete Paragraph I or II according to circumstances, complete the remaining
paragraph and SIGN the form in the space below. The signature must be that of the
holder or his legal representative or, where the holder is a partnership, body of
persons or corporation, that of a partner or official authorized to sign on behalf of
the holder.





I.FOR USE WHEN THE CERTIFICATE IS TENDERED IN
PAYMENT OF TAX

I . ....................(1), being the holder/the

legal personal representative of the holderlauthorized to; sign on behalf of
the holder(2) named in this Certificate, request that the principal sum (or so
much thereof as is required) together with any interest payable be applied
in payment or towards payment of tax which is payable by the holder
under the Inland Revenue Ordinance as shown on the accompanying docu-
ments of demand and the balance (if any) to be dealt with in accordance
with rule 8 of the Tax Reserve Certificates (Fourth Series) Rules.

II.FOR USE WHEN THE HOLDER WISHES TO REDEEM
CERTIFICATE AT FACE VALUE

I, ....................(1), being the holder/the

legal personal representativelauthorized to sign on behalf of the holder(2)
named in this Certificate, request that the sum of $ ......
the whole of the principal sum, be repaid to the holder.

Date ............Signature

(1) Insert full name of person signing this Certificate. (2)
Delete the alternatives which do not apply.

............... being


G.N.A. 25/62. L.N. 96/67. L.N. 114/70. L.N. 202/73. L.N. 221/75. L.N.. 222/78. L.N. 271/78. L.N. 46/79. L.N. 115/79. L.N. 267/79. L.N. 66/80. Citation. Issue of certificates. Applications by agents of taxpayers. Registration, acceptance, repayment in respect of certificates applied for by agents. Form of certificate. Schedule, Form 1. Duty of Commissioner to accept certificates in payment of specified tax. Payment of interest and method of calculation. L.N. 96/67. L.N. 222/78. L.N. 271/78. L.N. 46/79. L.N. 115/79. L.N. 267/79. L.N. 66/80. L.N. 66/80. L.N. 202/73. Duty to refund balance after payment of tax. Duty to repay principal value of certificate. Prohibition against transfer of certificate or obligations created. Power to refuse to accept or to repay on certificates until Commissioner satisfied as to holder's signature. Power to issue duplicates. L. N. 114/70.

G.N.A. 25/62. L.N. 96/67. L.N. 114/70. L.N. 202/73. L.N. 221/75. L.N.. 222/78. L.N. 271/78. L.N. 46/79. L.N. 115/79. L.N. 267/79. L.N. 66/80. Citation. Issue of certificates. Applications by agents of taxpayers. Registration, acceptance, repayment in respect of certificates applied for by agents. Form of certificate. Schedule, Form 1. Duty of Commissioner to accept certificates in payment of specified tax. Payment of interest and method of calculation. L.N. 96/67. L.N. 222/78. L.N. 271/78. L.N. 46/79. L.N. 115/79. L.N. 267/79. L.N. 66/80. L.N. 66/80. L.N. 202/73. Duty to refund balance after payment of tax. Duty to repay principal value of certificate. Prohibition against transfer of certificate or obligations created. Power to refuse to accept or to repay on certificates until Commissioner satisfied as to holder's signature. Power to issue duplicates. L. N. 114/70.

https://oelawhk.lib.hku.hk/items/show/3124

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