Cap 289 - TAX RESERVE CERTIFICATES ORDINANCE 1

Chapter: 289 TAX RESERVE CERTIFICATES ORDINANCE Gazette Number Version Date

Long title 30/06/1997


To provide for the issue of tax reserve certificates and their acceptance in payment of certain taxes, and for purposes
connected therewith.


[23 December 1955]


(Originally 66 of 1955)

Section: 1 Short title 30/06/1997


This Ordinance may be cited as the Tax Reserve Certificates Ordinance.

Section: 2 Interpretation L.N. 187 of 1999 01/09/1999


In this Ordinance, unless the context otherwise requires-
"account" (帳戶) means an account maintained under section 3(1AA); (Added 99 of 1995 s. 2. Amended 24 of 1999

s. 2)
"applicant" (申請人) means a person who applies to the Commissioner for the purchase of a certificate; (Added 99 of

1995 s. 2)
"certificates" (儲稅券) means tax reserve certificates issued by the Commissioner under the provisions of section 3;
"Commissioner" (局長) means the Commissioner of Inland Revenue.

Section: 3 Power of Commissioner to issue tax reserve certificates

and maintain accounts
4 of 2010 12/02/2010



(1) The Commissioner is hereby empowered to issue tax reserve certificates of such denominations and subject
to such conditions as the Chief Executive may prescribe by rules. (Amended 12 of 1999 s. 3)

(1A) If a person applies for the purchase of a certificate other than pursuant to the proviso to section 71(2) of the
Inland Revenue Ordinance (Cap 112), the person ("applicant") must make an application to the Commissioner for an
account to be maintained in the applicant's name unless an account is already being maintained in the applicant’s
name. (Replaced 4 of 2010 s. 22)

(1AA) The Commissioner may grant an application under subsection (1A) and the Commissioner shall maintain
the account in the name of the applicant on such conditions as the Secretary for Financial Services and the Treasury
may prescribe by rules. (Added 24 of 1999 s. 3. Amended L.N. 106 of 2002)

(1AB) If an account is maintained in the name of an applicant, the Commissioner, for each payment received from
the applicant for the purchase of a certificate in the circumstances mentioned in subsection (1A), must make an entry
in the account instead of issuing a certificate for the payment. (Replaced 4 of 2010 s. 22)

(1AC) Where an applicant applies for the purchase of a certificate pursuant to the proviso to section 71(2) of the
Inland Revenue Ordinance (Cap 112), the Commissioner shall issue a certificate upon payment. (Added 24 of 1999 s.
3)

(1B) An entry made in an account in accordance with subsection (1AB) is deemed to be a certificate issued under
subsection (1) and, unless the context otherwise requires, this Ordinance and the subsidiary legislation made
thereunder apply to the entry in the same manner as they apply to a certificate. (Added 99 of 1995 s. 3. Amended 24
of 1999 s. 3)

(2) Subject to section 71 of the Inland Revenue Ordinance (Cap 112), the certificates shall, subject to such
conditions as the Secretary for Financial Services and the Treasury may prescribe by rules, be accepted by the
Commissioner, together with any interest due thereon, in payment by the holder thereof of any amount due by him in
respect of any, or all, of the taxes specified in the Schedule, the assessment and collection of which are vested in the
Commissioner. (Amended 7 of 1985 s. 4; L.N. 106 of 2002)

(3) The Secretary for Financial Services and the Treasury may by order published in the Gazette amend the



Cap 289 - TAX RESERVE CERTIFICATES ORDINANCE 2

Schedule. (Amended L.N. 106 of 2002)
(Amended 99 of 1995 s. 3)


Section: 4 Method of accounting for moneys received for purchase of

tax reserve certificates, and manner of redemption of
certificates and payment of interest

12 of 1999 01/07/1997



Remarks:
Adaptation amendments retroactively made - see 12 of 1999 s. 3


(1) All moneys received for the purchase of certificates issued under this Ordinance shall be paid by the
Commissioner into an account in the Treasury to be called "Deposits-Tax Reserve Certificates" or "儲稅券存款",
and the principal moneys required for the redemption of the certificates shall be paid by the Commissioner out of such
account. (Amended 80 of 1997 s. 118)

(2) Any interest which may become due and payable in respect of any certificate shall be charged upon and
paid out of the general revenue and assets of Hong Kong. (Amended 12 of 1999 s. 3)

Schedule: SCHEDULE 30/06/1997


Any tax charged under the Inland Revenue Ordinance (Cap 112).
(Replaced G.N.A. 159 of 1960)