Interest rate for Tax Reserve Certificates adjusted
The Inland Revenue Department announced today (November 29) that starting from December 2, 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.5500 per cent against the current rate of 0.7167 per cent, i.e. the new rate will be $0.0458 per month per $100.
Tax Reserve Certificates bear simple interest, and interest 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 rate of interest payable on Tax Reserve Certificates is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks.
The new rate will apply to all certificates purchased on or after December 2, 2024. Certificates purchased before December 2, 2024, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:
For certificates purchased on or after |
0.8083 per cent per annum |
June 5, 2023, and before August 7, 2023: |
For certificates purchased on or after |
0.8833 per cent per annum |
August 7, 2023, and before September 4, 2023: |
For certificates purchased on or after |
0.9250 per cent per annum |
September 4, 2023, and before June 3, 2024: |
For certificates purchased on or after |
0.8833 per cent per annum |
June 3, 2024, and before October 7, 2024: |
For certificates purchased on or after |
0.8000 per cent per annum |
October 7, 2024, and before November 4, 2024: |
For certificates purchased on or after |
0.7167 per cent per annum |
November 4, 2024, and before December 2, 2024: |
For certificates purchased on or after |
0.5500 per cent per annum |
December 2, 2024, until further notice: |
Interest will cease to accrue after 36 months.
Fourth phase of Mandatory Energy Efficiency Labelling Scheme takes full effect December 1
The fourth phase of the Mandatory Energy Efficiency Labelling Scheme (MEELS) will be fully implemented on December 1 to include light emitting diode (LED) lamps, gas cookers and gas instantaneous water heaters.
MEELS was introduced in May 2008 under the Energy Efficiency (Labelling of Products) Ordinance (Cap. 598) (Ordinance), which requires energy labels to be shown on all prescribed products for supply in Hong Kong. The energy labels classify the energy performance of prescribed products into five grades. Products with a Grade 1 energy label are the most energy-efficient. With this concise and easy-to-understand label, consumers can make informed decisions in purchasing more energy-efficient products. Any person who supplies a prescribed product that does not properly bear an energy label or is not a 'listed model' under the Ordinance will commit an offence, and is liable to a fine of $100,000. The Electrical and Mechanical Services Department (EMSD) will inspect retail shops to ensure compliance with the legislation.
Taking the fourth phase into account, MEELS covers a total of 11 types of products, including room air conditioners, refrigerating appliances, compact fluorescent lamps, washing machines, dehumidifiers, televisions, storage type electric water heaters, induction cookers, LED lamps, gas cookers and gas instantaneous water heaters. The fourth phase of MEELS came into effect on September 1, 2023, with a transitional period of 15 months. Upon the implementation of the fourth phase, the additional potential annual energy saving is estimated to be around 570 terajoules (around 160 million kilowatt-hours), equivalent to a reduction of about 75000 tonnes of carbon emissions per year. The total energy consumption in the residential sector covered by MEELS will substantially increase from about 50 per cent to about 80 per cent.
For more details of MEELS and information on the listed models, please visit the EMSD’s website (www.emsd.gov.hk/energylabel).
