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Record Taxation Of £111,432,000

SOME PENSIONS RAISED Help For New Industries Next Year Is Main Promise Parliamentary Reporter. WELLINGTON, this day. Record taxation receipts of £111 472 nnn i • Government this financial year ' '°° *'* eXpected by Estimates presented by the Minister of Finance, Mr. Nash in the House of Representafaves last night revealed war taxation S £49,600,000, Consolidated Fund taxation of £47,331 000 and Social Security taxation of £14,501,000. ,UUU, and A ll the figures were above those of last year, when the Government budgeted for a total tax yield of £101,009,000, but the total showed an increase of only £532,000 on the amount actually raised in taxes last year. Estimated Army expenditure at £38,000,000 showed a drop of £13,000,000, but the cost of the Air Force at £31,400,000 and of the Navy at £6,000,000 were only slightly down. An increase in age benefiCs from the Social Security fund will operate from October 1, and increases will be made on the same date in the benefits of widows, invalids and families in certain circumstances. The only other bright spot is a promise of a special depreciation allowance of 20 per cent on the cost of new plant and buildings to encourage new industrial activities next financial year. Total estimated civil and war expenditure is £185,300,000. A sum of £16,650,000, to be provided by State lending Departments, will be required for national development, including housing, electric power, land settlement and railway improvements. "The time has "not yet come for a general review of taxation, for we still have heavy costs of, war and rehabilitation to meet," said the Minister. Total war expenditure for the year was estimated at £105,400,000. New Zealand's total war expenditure to the end of March was stated to be £507,000,000. Social Security expenditure was expected to reach the sum of £22,571,000 this year. This was Labours tenth Budget and the sixth Budget of the war.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AS19450810.2.79

Bibliographic details

Record Taxation Of £111,432,000, Auckland Star, Volume LXXVI, Issue 188, 10 August 1945

Word Count
317

Record Taxation Of £111,432,000 Auckland Star, Volume LXXVI, Issue 188, 10 August 1945

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