PUBLIC REVENUES.

Auckland Star, Volume LXVII, Issue 173, 23 July 1936, Page 10

PUBLIC REVENUES.

SUPERANNUATION. TRADING BANKS' LIABILITY. STAMP DUTY EXEMPTION. (By Telegraph.— Parliamentary Reporter.) WELLINGTON, Wednesday.

The limitation imposed under the : | Public Revenues Act to borrow on Treasury bills has been furtlici extended. Previously, borrowing powers were limited to one-half of the expenditure for the current financial year. The words "one-half of" have now been omitted, thus giving the Government power to borrow on Treasury bills up to the estimated expenditure for the current financial year. Provision is made for the payment out of the Consolidated Fund during the financial year ending on March 31, 1937, into the Public Service Superanuation Fund, the Teachers' Superannuation Fund and the Government Railways' Superannuation Fund, such amounts not exceeding in the aggregate £200,000 as the Minister of Finance may from time to time direct. Such amounts are to be in addition to any other moneys payable out of the Consolidated Fund into any of the superannuation funds. There Is a clause exempting public authorities from additional income tax payments from which companies are already exempt. Provision Is made for the abolition of bank note duty as from August 1, 1930. It is provided that bank note duty shall be payable under the Stamp Duties Act, 1923, in respect of the month of July, 1930, but shall not be payable in respect of any period thereafter. The bank note duty payable by any bank shall be computed at the rate of 7/0 for every fIOO of the amount paid or payable by that bank to the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act, 1933, and shall be due on August 1, 1930. The repeal of the bank note duty docs not afTect the liability of any bank to pay any unpaid duty, or the right of the Crown to recover any such duty. Receipts given on the refund of moneys held for inmates of hospitals and mental hospitals are to be exempt from stamp duty. Another Important clause provides that no stamp duty is to be charged, or deemed to have been chargeable, on any statutory declaration required by the board of management of the State Advances Corporation of New Zealand in relation to any application for a loan made to the corporation.