FINANCE BILL.

Ashburton Guardian, Volume 50, Issue 260, 16 August 1930, Page 5

FINANCE BILL.

PROVISIONS EXPLAINED. AMUSEMENT TAX ALTERED. (Per Press Association.) WELLINGTON, August 15. In the House of RepresentatagHto evening the Finance Bill was introduc ed by Governor-General's message. Explaining the provisions of the .easSre m the S Hon. A. Ransom, in the absence of the Prime Minister (Hon. GW Forbes) stated that it contained di the taxation provisions outlmed m Che Budget, except those under the heads of customs duties and land ana come tax. The Bill consisted of sax Ws The first part dealt with tne fncrease in the banknote duties from 15s to 22s 6d, the increase in the totalisator tax from 2* per cent. to. 5 per cent and a 10 per cent, increase m stamp duties. The second part pronosed a 10 per cent, increase m death duties on estates the final balance of which e'xceSed £IOO 000 and a J per Tftihd A d aling with amusement tax, contained a slight alteration from theproposals outlined in the Budget There would be no tax on tickets under is 6The duty on tickets from 1«> 6d[to 2 \ would be 2d; on 2s it would be 3d, on 3s it would be.4d; on 3s 6d, sd, and on tickets costing more than 3s 6d ™ additional penny for every additional shilling. The loss of revenue on tickets under Is 6d would be made up of the additional tax on tickets over 3s 6d for which provision had not been made in the Budget Mr Ransom went on to say that four of the Bili dealt with Mam Eghways. Grants to the Highways Fund were cancelled, and the payment of subsidies to local bodies in respect of rates was transferred to the Con . solidated Fund. Revenue for tins would be derived from the additional tax of 2d on petrol. That would. absorb the amount raised in eight months of the present year, but as the tatal for the wLle of next yea:-would be greater, the balance would be exren3ed on back-block roads. It was Kovkled that such roads should not be main or subsidiary highways, but thoS not at present classified under °thaftalart tS of V °the-Bill concerned the filmVre.tax said Mr Ransom. There was a variation of the oia I tern of taxation, and the duty was payable on the balance, «***/-» ffiwance had been made forcosts distribution and exhibition, and tne amounts on which the income tax was , mid. The duty was 10 per cent, on British films and 25 per cent on foiei<m- films, and would be paid in proportion to the value to. the producei. There was no change in the duty on 81 M? Ransom said that part six was miscellaneous, and increased share- , brokers' license fees to £5. There was a variation from the original proposal, in that in a case where there was move San one shareholder in the same town, the tax for each additional partner should be £l, the first partner paying £5. This section also provided for the abolition of the Land Insurance Fund and the transfer of a sum oic £60.000 to the Consolidated Fund. , The sum of £25,000 was retained and set aside to meet any claims arisin" in the next five years. After that period the responsibilities of the Land Insurance Funds would be carried by the Consolidated Fund. A further provision credited £30,000 interest on reparation money to the Consolidated Fund being transferred from the Public Trustee. The revenue anticipated to be derived under the Bill would amount to £450.000. The second read- , iim would be taken on Monday. The Rt. Hon. J. G. Coates (Leader of the Opposition) stated that he considered that vast improvement had been made in the original proposals, especially in relation to the amusement tax. * Mr H. K. Holland (Leader of the Labour Partv) said that he wished to express the satisfaction of all Labour members that the tax on shilling . tickets had been, dropped.