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HK Gov't Discloses Rate Change Following US Rate Cut
The Secretary for the Treasury Denise Yue Chung-yee has authorized a change in the rate of interest payable on Tax Reserve Certificates, a government gazette released by the Information Services Department Friday.
As from July 3, the new annual rate of interest will be 2.3750, as against the current rate of 2.5750, the gazette said. This means that the new rate will be 0.19 HK dollars (0.024 U.S. dollars) per month per 100 HK dollars (12.82 dollars).
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, according to the news release, it said.
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