National bank tax. The government levies an annual tax of i per cent on the circulation of a
national bank (the tax is only 1-2 per cent when the circulation is secured by deposit of
government bonds bearing interest at only 2 per cent). The tax is collected semi-annually (January
and July) and is based on the average amount of circulation. The shares of a national bank are
subject to a state tax and its real property is subject to state, county or municipal tax.
national bank (the tax is only 1-2 per cent when the circulation is secured by deposit of
government bonds bearing interest at only 2 per cent). The tax is collected semi-annually (January
and July) and is based on the average amount of circulation. The shares of a national bank are
subject to a state tax and its real property is subject to state, county or municipal tax.
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