COMPANY INCOMES.

Auckland Star, Volume LXX, Issue 305, 27 December 1939, Page 3

COMPANY INCOMES.

GOVERNMENT REVIEW.

HIGHER TAXES ASSESSED.

Company incomes during the last income tax year to March, 1939, are dealt with in the Abstract of Statistics, which compares the figures with those of previous years. The figures are preliminary and may be subject to slight amendment. COMPANY INCOMES—TAX YEARS 193435 TO 1938-30. Number Tax of Assessable Tax year. taxpayers, income. assessed. £ £ 1934-35 .. 3811 9,518,369 2,175,069 1935-30 .. 4332 11,909,611 2,782,058 1936-37 . . 5073 13,901,919 4,071,509 1937-38 .. 5997 18,499,042 5.377,162 1938-39 . . 6582 10.669.692 5,784,557 In comparison with the previous year, the figures for 1938-39 show an increase of 685 (9.8 per cent) in the number of tax-ipaying companies; £1.170,650 (6.3 per cent) in the amount of assessable incomes; and £407,395 (7.6 per cent) in the amount of tax assessed. These rises, however, are small, both absolutely and relatively, compared with the outstanding increases in 1937-38, the corresponding increases for that year over 1936-37 being—taxpayers, 924 (18.2 per cent); assessable income, £4,597,123 (33.1 per cent), and tax assessed, £1,305,653 (32.1 per cent).

The average assessable income and the average tax assessed per return have declined from £3085 and £897 respectively in 1937-38, to £2988 and £879 respectively in 1938-39.

Of the total of 6582 companies, the assessable Income was less than £1000 in 4436 cases, this figure representing 67.4 per cent of the total number. The aggregate assessable income of these companies amounted to only 6.9 per cent of the total assessable income of all companies. On t'he other hand, the 280 companies which had assessable incomes of £10,000 and over accounted for £13,089,178 of the assessable income and £4,561,011 of the tax assessed. The percentages of the totals are 66.5 and 78.8 respectively.