Hong Kong Increases Interest on Tax Reserve Certificates

The Hong Kong Inland Revenue Department has announced an increase in the annual rate of interest payable on Tax Reserve Certificates from a rate of 0.1333% to a rate of 0.175% with effect from 3 October 2022. 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 certifica…