The Hong Kong Inland Revenue Department has announced a reduction in the annual rate of interest payable on Tax Reserve Certificates from a rate of 0.9250% to a rate of 0.8833% with effect from 3 June 2024. Tax Reserve Certificates bear simple interest, which 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 new rate applies to all certificates purchased...