UNEMPLOYMENT TAX
HUGE REVENUE DERIVED. INCOME-TAX SURPASSING. (Special to the “ Guardian.”) WELLINGTON, June 15. *» Unemployment relief taxation now exceeds the total derived from income tax. The receipts from income tax for the year ended March 31 last were £3,556,774, but the balance-sheet of the Unemployment Fund shows a net revenue for the year well in excess of that large total. The details are as follow:
Unemployment levy ' 429,003 Emergency charge 3,591,432 Fines -* 808 Interest on investments 2,675 Loan repayments 3,240 Interest on loans 832 Donations / '6 Total *£4,027,999 Am Increase. Shillings and pence are excluded from the above details, which make a total net revenue for the year of £4,027,999.> Added to this was £184,966 brought forward from the previous year, making a grand total of £4,212,967 as the year’s resources of the Unemployment. Boaid. Compared with the previous year’s receipts, under different conditions of taxation, these figures show a rise of £1,773,766 in spite of the fact that last year, following the heavy increase in the emergency unemployment levy, the original subsidy from the general revenue was withdrawn. This item, which had come from ordinary taxation receipts, amounted in the year ended March 31, 1932, to £1,118,753, but the increase in the emergency levy to Is in the £ enabled the fund to stand the loss of the subsidy,, and to make a substantially better showing for last year.
Expenditure Analysed. The principal items of expenditure a-st vear are set out as follow *
Administration ....! 100,642 Relief work grants ...... 3,594,636 Loans 21,633 Food, clothing, etc 1 58,666 Sustenance grants 12,960
There is an Investment Account in which a credit of £IOO,OOO appears, and this with cash balances of £324,445 made up a total on March 31 last of £424,426. The cash balances at the end of the previous year totalled £184,966. The accounts show that the board last year expended in grants for relief work £1,394,091 more than in the previous year. t
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Bibliographic details
Ashburton Guardian, Volume 53, Issue 209, 16 June 1933, Page 3
Word Count
322UNEMPLOYMENT TAX Ashburton Guardian, Volume 53, Issue 209, 16 June 1933, Page 3
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