The Hong Kong Inland Revenue Department has announced a reduction in the annual interest rate on Tax Reserve Certificates from 0.8000% to 0.7167%, effective November 4, 2024. These certificates earn simple interest calculated monthly from the purchase date until tax payment, with interest credited only when the certificates are used for tax payments. The new rate applies to certificates purchased on or after November 4, while those bought before this date will continue to earn interest at the rates applicable at the time of purchase.
Hong Kong Reduces Interest on Tax Reserve Certificates
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Author: Ivana Picajkić
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Fiscal subject related
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Content accuracy validation date:
20.11.2024
Content accuracy validation time:
09:34h
The Hong Kong Inland Revenue Department has announced a decrease in the annual interest rate on Tax Reserve Certificates from 0.8000% to 0.7167%, effective November 4, 2024. These certificates accumulate simple interest, which is calculated monthly (including partial months) from the purchase date until the tax payment date. Interest is credited only when the certificates are used for tax payments, and no interest is paid when the principal amount is returned to the holder.
The revised rate will apply to all certificates bought on or after November 4, 2024. Certificates acquired before this date will continue to earn interest at the rates that were in effect at the time of their purchase.
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